03 August 2016

Money Control

Delhi Mumbai Industrial Corridor to help Japanese investors

The Delhi Mumbai Industrial Corridor (DMIC) offers huge opportunities to Japanese investors as the project is at an implementation stage, a top government official today said.

Secretary of the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek also said FDI reforms are expected to result in dramatic improvements in ease of doing business over the next one year.

Work has already started in areas, including Dholera, Aurangabad, Vikram-Udyogpuri and Greater Noida nodes, where land allotment is expected to begin in a couple of months, DMIC Development Corporation (DMICDC) said quoting the secretary.

Abhishek was addressing a delegation of Japanese businessmen and representatives of government institutions at a special workshop organised by DMICDC here.

Japan has been one of India's leading partners in infrastructure development, supporting projects such as the Delhi Metro, the Dedicated Freight Corridor which forms the backbone of DMIC, and the proposed Mumbai-Ahmedabad Hi-Speed Rail Link.

Speaking at the event, Ambassador of Japan Kenji Hiramatsu hoped for time-bound implementation of the projects.

He is optimistic that the Indian government will extend incentives to Japanese businesses relocating to the industrial zones.

DMICDC CEO and MD Alkesh Sharma saw opportunities for Japanese companies in not just setting up industries, but consultancy and engineering procurement construction, among others.

Besides the industrial cities along the corridor, the DMICDC is working on standalone projects such as green field airports in Dholera (Gujarat), the futuristic Global City in Gurgaon (Haryana), Logistics Hubs in Dadri (UP) and a state-of-the-art convention centre in Dwarka.

Takema Sakamoto, the Chief Representative of Japan International Cooperation Agency's India Office, made a presentation on JICA's support for the Western Dedicated Freight Corridor.

The USD 90-billion DMIC project is aimedat creating mega industrial infrastructure, along the Delhi-Mumbai Rail Freight Corridor, which is under implementation. Japan is providing financial and technical aid for the project, which is developed on either side of a 1,483-km stretch running across seven states.