DMIC project implementation trust fund gets a bigger role in new avatar

NICDIT will be under the control of the department of industrial policy and promotion and will coordinate and unify the development of all the industrial corridors in the country


The Union cabinet approved the renaming of the Delhi Mumbai Industrial Corridor project implementation trust fund as the National Industrial Corridor Development and Implementation Trust.
The Union cabinet approved the renaming of the Delhi Mumbai Industrial Corridor project implementation trust fund as the National Industrial Corridor Development and Implementation Trust.

New Delhi: The Union cabinet on Wednesday approved the renaming of the Delhi Mumbai Industrial Corridor project implementation trust fund as the National Industrial Corridor Development and Implementation Trust (NICDIT) and tasked it with overseeing the development of all industrial corridors in India.

NICDIT will be under the control of the department of industrial policy and promotion and will coordinate and unify the development of all the industrial corridors in the country, a government statement said. It will coordinate all central efforts for the development of industrial corridor projects and will monitor their implementation, it added. An apex monitoring body including ministers in charge of finance, commerce, railway, roads and shipping and the chief ministers concerned will monitor the activities of NICDIT.

In another decision, the cabinet committee of economic affairs extended the existing subsidy rates on phosphatic and potassic fertilisers for the next six months till the end of 2016-17. An official statement said the government will ensure that any fall in the international prices of these fertilisers will be followed by subsequent reduction of retail prices charged by fertiliser companies.

The cabinet also approved steps to provide incentives to the made-ups sector within the overall Rs6,000 crore package approved for the textiles sector earlier this year, which could provide direct and indirect employment to up to 1.1 million people over the next three years. The made- ups sector—defined as articles manufactured or stitched from any type of cloth other than garments like home furnishing—will receive an additional 10% production incentive through the Technology Upgradation Fund Scheme subsidy. In addition, the industry will get government support for funding the employer contribution under the employee provident fund (EPF) scheme. Labour laws have also been simplified including increasing overtime of up to 100 hours per quarter and making employees’ contribution to EPF optional for those earning less than Rs15,000 per month.

To replace obsolete electronic machines and to prepare for the general elections due in 2019, the cabinet also approved a proposal for purchase of 845,000 ballot units and 3.85 lakh control units over the next two years at an estimated cost of around Rs1,009 crore.

The purchases will be made through Bharat Electronic Ltd, Bangalore and Electronics Corp. of India Ltd, Hyderabad. The cabinet also approved the approved the development of the first phase of the Pune Metro Rail Project Phase at an estimated cost of Rs 11,420 crore for length of more than 31 km.

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