A parliamentary panel today reviewed the progress on the Delhi-Mumbai Industrial Corridor (DMIC) that is to be developed at an estimated investment of over $100 billion.
"DMIC is perhaps the most ambitious infrastructure project in the world with estimated investments of over $100 billion," Commerce and Industry Minister Anand Sharma said while addressing the parliamentary consultative committee attached to his ministry.
The project, he said, envisaged doubling of employment potential within five years, tripling of industrial output, and quadrupling the exports from the region.
Sharma said the perspective plan for the entire corridor has been completed. "Detailed environmental impact assessment for all the six cities is in progress and we are aiming to secure pre-clearances to ensure speedy implementation," he added.
During the meeting, Rajya Sabha member Y.P. Trivedi raised issues pertaining to cost escalation, delays in approvals and changes that will come due to enactment of the proposed land acquisition legislation, according to a statement released by the ministry of commerce and industry.
Another member, Sudhendu Shekhar Roy, wanted more clarity on the share patterns of the proposed fund and emphasised that monitoring system for the DMIC should be more cohesive.
The Japanese government has committed $4.5 billion for the first phase of the project across Uttar Pradesh, Haryana, Maharashtra, Gujarat, Madhya Pradesh and Rajasthan.
Sharma said the Indian government had decided to finance the entire trunk infrastructure in the townships along the corridor while the internal infrastructure would be developed in a public-private-partnership mode.
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