Giving a major thrust to the ambitious Rs. 3.6-lakh crore Delhi-Mumbai Industrial Corridor (DMIC) project, India and Japan have inked two pacts, including that for collaboration in developing eco-cities around the project.

“The DMIC is conceptualised as a global investment and manufacturing destination with emphasis on expanding manufacturing and services base,” Commerce and Industry Minister Anand Sharma said signing the two pacts late on Monday. The Minister said the project would involve huge investment and initial projection points to Rs. 3,60,000 crore.

DMIC Development Corporation entered into a pact with Japan External Trade Organisation (JETRO) for collaborating with the environment-related projects and for transfer of Japanese expertise in developing and promoting smart communities (eco-cities) around the DMIC project area. The Japan Bank of International Cooperation (JBIC) also singed a loan agreement totalling up to $75 million (Rs. 330 crore) with India Infrastructure Finance Company to prepare a plan for the overall DMIC region and developing plans for investment in Phase-1.

DMIC Project Development Fund is envisaged to be set up with equal contribution from India and Japan. The Centre has already approved a grant of Rs. 330 crore towards this.

The DMIC is planned to promote integrated development of industry and infrastructure in a band of 150-200 km on either side of the dedicated railway freight corridor between Delhi and Mumbai, over a length of about 1,500 km.

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