- Friday, April 26, 2024
By: Shubham Ghosh
THE Asian Development Bank (ADB) on Friday (29) said it has approved a loan amount of $250 million (£183 million) to support India’s National Industrial Corridor Development Program (NICDP). This is the first sub-program of the programmatic $500 million (£366 million) loan to develop 11 industrial corridors spanning 17 states of the country, the agency said in a statement.
NIDCP aims to develop world-class industrial nodes that are backed by sound urban agglomerations and multimodal connectivity, including international gateways like ports and airports and infrastructure that are inclusive, climate-resilient and sustainable. It also targets strong institutional and regulatory frameworks.
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According to ADB which is based in Manila, the Philippines, the first sub-programme loan will help government initiatives make institutional framework and capacity development for industrial corridor planning stronger besides improving project preparedness and facilitating ease of doing business which will help in creating opportunities for domestic and foreign investors.
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“ADB’s assistance complements the government’s ambitious reform agenda to strengthen industrial infrastructure and support the country to boost the competitiveness of its manufacturing sector, increase the share of manufacturing in the gross domestic product, and generate a high level of formal employment,” Press Trust of India quoted ADB senior financial specialist for South Asia Manohari Gunawardhena as saying.
India recently upgraded its Industrial Park Rating System to support industrial infrastructure competitiveness and support policies to enable industrialisation across the country.
As part of NICDP, it is also developing guidelines for green-corridor frameworks and climate-resilient infrastructure besides focusing on improving skills for the participation of women labourers.
