The vision for DMIC is to create strong economic base with globally competitive environment and state-of-the-art infrastructure to activate local commerce, enhance foreign investments and attain sustainable development.
Delhi-Mumbai Industrial Corridor is to be conceived as a Model Industrial Corridor of international standards with emphasis on expanding the manufacturing and services base and develop DMIC as the ‘Global Manufacturing and Trading Hub’.
Delhi - Mumbai Industrial Corridor (DMIC)
The Government of india is setting up a multi-modal Dedicated Freight Corridor (DFC) between Delhi and Mumbai. Out of the total 1483 kms of the length of DFC, 38% is falling in Gujarat. The area of 150 kms on the both sides of the DFC will be developed as DMIC. It will be a high impact industrial corridor.
DMIC is to be developed as a Global Manufacturing and Trading Hub of India supported by world class infrastructure and enablining policy framework, It will become "the engine for economic resurgence of the coutry"
DMIC Project Goals:
Double the employment potential in five years (14.87% CAGR)
Triple industrial output in five years (24.57% CAGR)
Quadruple exports from the region in five years(31.95% CAGR)
DMIC in Guajrat: Dholera SIR to be the most prime location...
Out of the total twenty four industrial nodes planned along the DMIC, six nodes (two investment regions and four industrial areas) have been proposed for the State of Gujarat.
Dholera SIR is the first such node, taken up for developement by the Government of Gujarat.
The developmental planning for DMIC aims to achieve certain end results with implementation that would ensure realization of envisaged vision for the project and lead to economic development.
Accordingly the project goals for DMIC are:
Government of India has incorporated a special purpose vehicle, Delhi Mumbai Industrial Corridor Development Corporation (DMICDC), specially envisaged to coordinate DMIC Project Development, Finance and Implementation, headed by a full time Chairman and Directors and having representation from the Government of India and Financial Institutions.
An Apex Authority has been constituted under the chairmanship of Union Finance Minister with concerned Central Ministers and Chief Ministers of respective DMIC States as Members for providing overall guidance for planning and issue necessary approvals.
DMICDC will undertake project development activity for various central government projects and also help in assisting state governments, wherever desired. DMICDC will be responsible for assisting state governments in raising finances on the basis of a sovereign guarantee. The corporate entity will have a shell structure with 49% contribution by GOI and the remaining by Financial Institutions and other infrastructure organizations.
DMICDC will also act as a pass through entity for specific projects and raise Project Development Fund (PDF) from GOI, GOJ and FIIs. The PDF is proposed to be used as a revolving fund, specifically for undertaking project development activities (e.g. DPR preparation etc.), and shall be recovered from the successful bidders. This fund will also ensure availability of uninterrupted funds for various preparatory activities. The designatories of respective State Governments and the DFC implementing agency could be represented as Directors on the Board of DMICDC.
It is envisaged that funding for DMIC project could be either through nodal agencies (budgetary/extra budgetary provisions) or through Viability Gap Funding/Long term soft loans extended to the Project SPVs. DMICDC would facilitate this process by using a sovereign guarantee provided by the Central government. Moreover, the SPVs could also borrow on their own balance sheets or project recourse basis.