Commerce and Industry Minister Anand Sharma on Saturday said he will soon approach the Cabinet for approval of the proposed Amritsar-Delhi-Kolkata Industrial Corridor (ADKIC).
The project will be the second of its kind on the lines of the Delhi-Mumbai Industrial Corridor (DMIC), a $90 billion ambitious infrastructure project under implementation with Japanese help.
Sharma said the government is taking several steps to boost manufacturing sector in the country. He was addressing the Ficci annual general meeting.
He said Japan is partnering in DMIC and the UK may join hands for the proposed Mumbai-Bangalore economic corridor.
"We are working on Amritsar-Delhi-Kolkata Industrial Corridor (ADKIC) and very soon I am going to move the Cabinet for approval for this corridor," he said adding "I hope to take the Cabinet approval by January first week. It is a work in progress".
ADKIC, envisaging a budgetary support of Rs 5,749 crore for the first phase, will be aligned to the Eastern Dedicated Freight Corridor and will be spread across 20 cities in seven states -- Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand and West Bengal.
The Minister said these projects are important in terms of boosting the manufacturing sector in the country as it would help in creating millions of jobs.
He said the government has already notified 13 national manufacturing and investment zones (NMIZs) in different parts of the country and "master plan for eight has been approved".
NMIZs will be mega industrial zones with world class supporting infrastructure. The government is offering a host of incentives like exemption from capital gains tax and a liberalised labour and environment norms to promote these zones.
On multi-brand retail trade, Sharma expressed hope that after Tesco, more global players will come to India in the sector.
"They will come. You can say that before the end of the financial year, there will be more announcements and good news," he said.
UK-based Tesco Plc became the first global retailer to seek the government's approval to set up multi-brand outlets in India with a plan to invest $110 million in partnership with the Tatas. During the address, Sharma also said there is an urgent need for administrative, electoral and judicial reforms.