Cabinet nod to expand mandate of DMIC trust fund

The central government has approved the expansion of the mandate of the Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF) and re-designated it the National Industrial Corridor Development and Implementation Trust (NICDIT) for the integrated development of industrial corridors. The NICDIT has been accorded permission to utilise financial assistance that has already been sanctioned, and an additional amount of Rs 15.84 billion that has been sanctioned within the extended period up to March 31, 2022. There is existing approval for an expenditure of Rs 185 billion, of which the unspent balance yet to be released to DMIC-PITF will be utilised by NICDIT. A further sum of Rs 15.84 billion for project development activities of four additional corridors and NICDIT’s administrative expenses up to March 31, 2022 has been provided. The NICDIT will be an apex body under the administrative control of the Department of Industrial Policy and Promotion for the coordinated and unified development of all industrial corridors in the country. It will channelise central government funds as well as institutional funds, and will support project development activities, and appraise, approve and sanction projects.