The proposed 4,000 sq km Delhi-Mumbai Industrial Corridor project would involve an estimated $90 billion investment and was at an advanced stage of finalisation, Commerce and Industry Minister Kamal Nath said in New Delhi on Monday.
"Stakeholders have taken a decision to set up five investment regions and five industrial regions, one in each state in the first phase, which will be completed by 2012, in synchronisation with the dedicated Delhi-Mumbai rail freight corridor," Nath said at an India-Japan CEOs’ meeting organised by the Confederation of Indian Industry (CII).
Japan’s Minister of Economy, Trade and Industry Akira Amari and members of the Japanese business delegation attended the meeting.
Nath said $90 billion would be required to create the infrastructure for the project, which included roads, port connectivity and airports.
Japanese companies, particularly small and medium enterprises, are expected to invest over $10 billion in the proposed corridor during the first phase itself. Work on the first phase of the project will commence next year.
Nath said land would be acquired on voluntary basis and would be in accordance with the rehabilitation policy that the government is formulating.
Ajay Dua, secretary, department of industrial policy and promotion, said the project would be overseen by an apex steering authority headed by the Prime Minister and with central ministers and state chief ministers concerned as members.
A corporate entity, Delhi Mumbai Industrial Corridor Development Corporation will be set up to undertake planning for the project, development of its various components, coordination with stakeholders and raising finances.
Amari said: "Japan will provide all possible assistance and the project will trigger a new industrial revolution in India. Japan is building a platform where India can become the gateway for exports to the UK, Middle East and Africa."
The project preparation is expected to commence after Japanese Prime Minister Shinzo Abe’s visit to India in August.