NICP Full Form

what is the full form of NICP?

The full form of NICP is National Industrial Corridor Programme (NICP) is a government infrastructure development program in India that aims to establish industrial cities. In this writing, you may learn everything there is to know about the programme, its goals, and so on, as well as about industrial corridors in general and how vital they are for a country's economic progress.

This Story also Contains

1. what is the full form of NICP?
2. 1. More About NCIP
3. 2. Objectives
4. 3. Benefits of NCIP
5. 4. Challenges of NCIP
6. 5. Coverage of Risks and Exclusions Under The Scheme

1. More About NCIP

The National Industrial Corridor Programme is an ambitious government of India programme that aims to build new industrial towns as "Smart Cities" and to converge next-generation infrastructural technologies. Starting with five, the initiative is now building eleven industrial corridors. The program's goal is to develop future Indian towns that can serve as global industrial and investment hubs. The program's overarching goal is to offer plug-and-play infrastructure for the establishment of large-scale manufacturing units.

This will lead to job creation as well as general socioeconomic growth in the country.

The NICP consists of around 30 projects divided into four parts. The National Industrial Corridor Development and Implementation Trust is the NICP's implementing agency (NICDIT). The NICDIT is part of the Department of Industry and Internal Trade (DPIIT).

The Delhi-Mumbai Industrial Corridor Project Implementation Trust Fund was established in 2007 as the NICDIT (DMIC-PITF). In 2016, the DMIC-mandated PITFs were broadened and renamed the NICDIT.

It will oversee and coordinate all central efforts to advance industrial corridor projects.

It is also in charge of project approval and sanctioning.

2. Objectives

The overarching goal of NICP is to "improve India's manufacturing competitiveness through the development of world-class infrastructure and lower logistics costs."

The 11 corridors are located throughout India, and the scheme will see the creation of "smart cities" along these routes. The manpower necessary for the industrial corridors will be housed in these cities. In these planned cities with cutting-edge infrastructure, deliberate urbanisation is intended. This will give industrialization a huge boost.

3. Benefits of NCIP

The NICP will lead to planned industrialization and urbanisation, resulting in overall country development. The advantages of such a programme are listed below.

• Economic Advantages: This will aid in the development of logistical infrastructure, allowing enterprises to attain economies of scale and focus on their core skills.

This will give a significant boost to job creation and have the ability to reverse distressed migration. This can boost exports by lowering logistics costs and improving business unit efficiency. This will stimulate private-sector investment.

Manufacturing and infrastructure will witness significant improvements in the country, contributing to GDP and leading to overall economic growth.

• Environmental Advantages: The expansion of enterprises in a dispersed way along multiple routes would prevent industrial units from concentrating in a few regions. This will keep the ecosystem from being exploited and degraded.

• Socioeconomic Advantages: Industrial corridors will have a knock-on impact on the cities and towns that they pass through. Apart from the growth of small towns as smart cities, additional facilities like hospitals, educational institutions, and so on will thrive. This will in greatly assist the folks that live there.

• High-speed road and rail transportation networks, ports with modern cargo handling systems, logistic parks/transhipment hubs, SEZs, knowledge parks, modern airports, townships, and urban infrastructure would be available along these routes.

4. Challenges of NCIP

Some of the difficulties encountered during the program's implementation are detailed below.

Land purchase is proving to be a significant burden due to legal obstacles and the compensation issue. The tax policy in India must clearly identify the tax duties of foreign enterprises operating in India as permanent establishments or otherwise.

Massive investment in industrialisation can result in substantial population relocation and the destruction of productive agricultural land.

5. Coverage of Risks and Exclusions Under The Scheme

The scheme covers the following stages of agricultural hazards that result in crop loss. The state government is not entitled to introduce new hazards other than those listed here.

Prevented Sowing/Planting/Germination Risk: The insured region is unable to sow/plant/germinate due to a lack of rainfall or unfavourable seasonal/weather circumstances. The policy will be cancelled, and 25% of the total covered will be paid.

Standing Crop (From Sowing to Harvesting): Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks such as dry spells, droughts, floods, inundation, widespread pest and disease attacks, natural fires, landslides, lightning, hailstorm, storm, and cyclone.

Post-Harvest Losses: Coverage is offered for a maximum of two weeks after harvesting for crops that must be dried in a cut and the spread / tiny packaged state in the field against the particular risks of hailstorms, cyclones, cyclonic rains, and unseasonal rains.

Loss/damage to notified insured crops caused by the occurrence of defined localised hazards such as hailstorms, landslides, inundation, cloud bursts, and natural fire caused by lightning impacting isolated farms in the notified region.

States may consider providing additional coverage for crop loss caused by wild animal attacks where the risk is deemed significant and recognisable.