Billions earmarked for mega infra projects, says Minister

MUMBAI: Keen to sustain the country's economic growth, the Government has earmarked billions of dollars for investment in mega infrastructure projects, a Central Government Minister said.

"The Government will be investing in a slew of mega infrastructure projects. The Delhi Mumbai Industrial Corridor (DMIC) has an investment of Rs 4-lakh-crore earmarked for it and the Maritime Development Fund, Rs 1,00,000-crore. Besides, we are also setting up the Petroleum and Petrochemical Investment Region (PPCIR) project," Union Minister of State for Industry, Ashwani Kumar, told reporters here today.

"The DMIC will create hubs of vibrant industrialisation cutting across several states, from Dadri to Navi Mumbai," he said.

The Centre is actively involved in pushing through the Petroleum and Petrochemical Investment Region (PPCIR) projects which would be spread over an area of 200-300 sq kilometre each.

"The PPCIR has received an in-principle approval from the Cabinet. Once the policy is notified, it will lead to mega investments in the PPP (public-private-patnership) mode in the coastal states," Kumar said, without divulging the amounts involved or a time-frame.

At present, inter-ministerial consultations are underway and rules have still to be framed, he said.

"PPCIR will be replicated in a total of five coastal states, including Orissa, Gujarat, Andhra Pradesh and West Bengal. Indian Oil will be the anchor tenant in Paradip (Orissa), ONGC in Vizag (Andhra Pradesh) and Reliance Industries in Jamnagar (Gujarat)," Kumar said.