'FIRE' corridors to fuel economic development, Finmin says at NICDIT meeting

The NICDIT apex monitoring authority comprises Finance Minister as Chairperson

The ‘FIRE’ corridors of freight, industry, railways, and expressways will ignite industrialisation and economic development, Finance Minister Nirmala Sitharaman said while chairing the second review meeting of the apex monitoring authority of the National Industrial Corridor Development and Implementation Trust (NICDIT).

The apex monitoring authority comprises Finance Minister (as Chairperson), Minister-in- charge, Ministry of Commerce & Industry, Minister of Railways, Minister of Road Transport & Highways, Minister of Shipping, Vice Chairman NITI Aayog, and chief ministers of states concerned.

Chief Ministers from four states, viz. Gujarat, Haryana, Uttarakhand, and Maharashtra; ministers from nine states viz. Bihar, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, Kerala, Punjab, Jharkhand, Karnataka, and Rajasthan besides senior officials from all the states attended the meeting.

The Finance Minister stated that the speed with which the infrastructure is being developed since 2014 needs to be maintained. She urged all the states to tie up loose ends and move forward and resolve all pending issues through greater exchange and sharing of information to expedite the progress of works in the respective States.

Faster investments

Commerce Minister Piyush Goyal, who also attended the meet, emphasised on the financial viability of the projects. He urged the states for faster allotment of lands at reasonable rates.

The states should adopt innovative models and offer package deals for faster investments. Electricity rates should be affordable and consistent as high rates of electricity are a deterrent to the industry, he said. Goyal urged the state governments to expedite acquisition of contiguous-, litigation-, and encumbrance-free land and grant early environmental clearances for the NICDIT projects.

He further said that the states should focus on expediting the finalisation and execution of the shareholders agreements and state support agreements.

Goyal asked NICDC to foreclose the projects where the state government is not able to provide committed land in a time-bound manner and to conceive projects in other states that are willing to offer land to expedite investments in their respective states.

Chief ministers of the respective states spoke about the projects that will be undertaken in their jurisdiction and the steps they are taking to ease the land allotment process to give faster clearances. They assured that all possible support will be extended to the projects under NICDIT for early implementation on the ground.

The National Industrial Corridor Development Programme aims to establish a network of industrial corridors that will serve as engines of economic growth, promote industrialisation, and create employment opportunities across India.

The programme focuses on developing world-class infrastructure, attracting investments, and fostering sustainable industrial development.