Centre approves 12 new industrial smart city projects.

Tags: Government Schemes

Centre approves 12 new industrial smart city projects.

Why in the news?

• The Government of India has approved 12 new industrial smart city projects with a total project cost of Rs. 28,602 crore (including land cost) for development of trunk infrastructure packages.

Important points:

• As per the approved institutional & financial framework of Industrial Corridor Programme,State Govt provides land and Government of India through National Industrial Corridor Development and Implementation Trust (NICDIT) provides the equity for development of internal trunk infrastructure components.
• Each industrial city/area/node under the National Industrial Corridor Development Program is managed by a Special Purpose Vehicle (SPV).
•  SPV may have suitable representation from the private sector wherever the State Government decides to involve the private sector.
•  It is also authorized to leverage innovative infrastructure funding and delivery tools such as user fee funding, pricing innovations, and delivery through various PPP arrangements for development of industrial smart cities. 
• The State Government, as deemed appropriate, may also seek bi-lateral/multilateral funding for this purpose.
• Focus sectors are defined differently for different industrial smart cities. The process involves preparation of a market demand assessment report for defining focus sectors. 
• Some of the focus sectors are Heavy Engineering, Auto & Ancillaries, General manufacturing, Pharma & Bio Tech, Electronics Industries, IT& ITES, Agro, Food processing, Computer, Electronic & Optical Products, Aerospace, Rubbers & Plastic, Fabricated Metal Products, R&D, ICT, Electronics Industries, Fabrications (semiconductors), Nanotechnology & Opto electronics.