DMIC Full Form

What is full form of DMIC?

DMIC, or Delhi-Mumbai Industrial Corridor, is its full name. In December 2006, the governments of Japan and India penned a Memorandum of Understanding (MoU), which led to the launch of the initiative. The National Industrial Corridor program, which aims to create futuristic industrial cities in India that can compete with the best manufacturing and investment destinations in the world, is one of many industrial corridor projects being developed by the Indian government. The same will lead to increased economic growth and job opportunities, which will lead to overall socioeconomic development. Let's find out more about the DMIC's attributes.

This Story also Contains

1. What is full form of DMIC?
2. Vision for DMIC
3. Details about Delhi-Mumbai Industrial Corridor (DMIC)
4. DMIC project goals
5. Project Implementation - DMIC

Vision for DMIC

The goal of DMIC is to build a robust economic foundation with cutting-edge infrastructure, a globally competitive environment, and increased foreign investment in order to promote local businesses, attract more foreign capital, and achieve sustainable development. With a focus on growing the manufacturing and service bases and developing DMIC as the "Global Manufacturing and Trading Hub," the Delhi-Mumbai Industrial Corridor is to be envisioned as a Model Industrial Corridor of International Standards.

Details about Delhi-Mumbai Industrial Corridor (DMIC)

• DMIC: a high-impact industrial area within 150 kilometres of the DFC on both sides

• 14% of the country's population and 17% of the area are under influence.

• Total Population: 173.4 Million

• Total Workers: 68.36 Million

• A total of 82 Districts in Six States are Included in the Influence Area (MP not Included)

• 25 industrial nodes along the DMIC have been proposed.

A multi-modal Dedicated Freight Corridor (DFC) between Delhi and Mumbai is being built by the Indian government. Gujarat makes up 38% of the 1483 km total length of the DFC. DMIC will be developed in the 150 km2 area on either side of the DFC. The industrial corridor will have a significant impact.

DMIC project goals

• In five years, the employment potential will double (14.87% CAGR).

• Industrial output will triple in five years (24.57% CAGR).

• exports from the area could quadruple in five years (31.95% CAGR)

Project Implementation - DMIC

Delhi Mumbai Industrial Corridor Development Corporation (DMICDC), a special purpose vehicle established by the Government of India with representation from the Government of India and financial institutions, is specifically intended to coordinate DMIC project development, finance, and implementation. It is led by a full-time chairman and directors.

For the purpose of providing general planning guidance and issuing necessary approvals, an apex authority has been established under the chairmanship of the Union Finance Minister, with members including the Chief Ministers of the respective DMIC States and concerned Central Ministers.

DMICDC will take on project development work for various central government projects and, as needed, contribute to aiding state governments. In order to help state governments raise money using a sovereign guarantee, DMICDC will be in charge of doing so. A shell structure will be used for the corporate entity, with the Government of India contributing 49% and financial institutions and other infrastructure organisations the remaining portion.

DMICDC will also raise Project Development Funds (PDF) from GOI, GOJ, and FIIs and serve as a pass-through entity for particular projects. The PDF is planned to be recovered from the successful bidders and used as a revolving fund, specifically for project development activities (like DPR preparation, etc.). Additionally, this fund will guarantee continuous funding for a variety of pre-activities. On the board of DMICDC, directors could be appointed by the designators of the respective state governments and the DFC implementing organisation.

The DMIC project is expected to receive funding from nodal agencies (budgetary or extrabudgetary provisions) or from viability gap funding or long-term soft loans given to the project SPVs. By utilising a sovereign guarantee offered by the central government, DMICDC would aid in this process. The SPVs also had the option of borrowing against their own balance sheets or on a project recourse basis.