National Industrial Corridor Development Authority being created

NEW DELHI: The government is creating a National Industrial Corridor Development Authority to facilitate setting up of industrial corridors in the country.

The Authority will carry out project development activities, appraise and sanction projects, implement and coordinate all central efforts for industrial corridor development of all industrial corridors.

"Renewed efforts are now being made to not only cover the existing gaps in physical infrastructure but going much beyond that and creating a world-class physical infrastructure. The development of industrial corridors and industrial clusters has been fast-paced with a series of initiatives," Additional Secretary, Department of Industrial Policy & Promotion (DIPP) Shatrughna Singh said.

"A new National Industrial Corridor Development Authority is being created to carry out project development activities, appraise and sanction projects and implement as well as coordinate all central efforts for industrial corridor development," he added.

Singh was speaking at a Joint Meeting of the India-Japan Business Cooperation Committee (IJBCC) organized by Ficci.

Elaborating on Indo-Japan trade potential, Singh said: "There is great space for us to expand our economic engagement. India, though it has its own set of challenges, today offers a plethora of opportunities for Japanese companies as the Indian government is unleashing a series of reforms to improve business environment, fast track manufacturing and liberalize FDI policy".

Singh said development of a robust manufacturing sector was the priority of the government as it has the potential to not only take the economic growth to a higher trajectory, but also to provide more employment.

On the occasion, Onkar Kanwar and Masami Iijima were re-elected as the Chairmen for IJBCC representing Indian and Japanese sides, respectively.

Ambassador of Japan to India Takeshi Yagi stated that the bilateral trade relations between India and Japan have been elevated to strategic and global partnership.

He added that though India had given a new thrust to economic reforms such as deregulation of diesel prices, labour law reforms and relaxation in FDI but more bold and systematic reforms were needed for ease of doing business in the country.