The Union Cabinet today gave its approval to proposals regarding the development of the Delhi-Mumbai Industrial Corridor (DMIC) Project.
New Delhi, Aug 16 : The Union Cabinet today gave its approval to proposals regarding the development of the Delhi-Mumbai Industrial Corridor (DMIC) Project.
With regard to the project, the Cabinet approved the coverage of investment regions and industrial areas in Phase I of the project, the organization structure including setting up of an apex authority chaired by Union Finance Minister and formation of Delhi-Mumbai Industrial Development Corporation (DMICDC).
The MoU for setting up of the DMIC was signed by India and Japan during Prime Minister Dr. Manmohan Singh's visit to Tokyo in December 2006.
This project is part of "Japan India Special Economic Partnership Initiative" with the objective of developing requisite infrastructure and facilitating investment.
The Statement also included further co-operation in realizing the 1483 kms Dedicated Freight Corridor (DFC) between Delhi and Mumbai, which offers high-speed connectivity for High Axle Load Wagons.
The DMIC project is expected to develop industrial activity along the Dedicated Freight Corridor.
ANI