New Act to come up regarding Industrial corridor activities
The department of industrial policy and promotion (DIPP) will circulate a Cabinet note next week seeking the views of all ministries concerned on a proposal for a new law — the National Industrial Corridor Authority (NICA) Act — on the lines of the National Highways Authority of India (NHAI) Act.
The Pune-headquartered NICA was proposed in Budget 2014-15 by finance minister Arun Jaitley to coordinate the development of industrial/economic corridors. These include the Delhi-Mumbai Industrial Corridor (DMIC), Amritsar-Kolkata Industrial Corridor, Chennai-Bangalore Industrial Corridor, Bangalore-Mumbai Economic Corridor and the Vizag-Chennai corridor. DIPP is the nodal government body to formulate policies such corridors.
The requirement for the new Act had been sighted long time back. A lot of time has been given in realising whether the Act was required or not. The ministry has sent out the notices asking the other people on what they are expecting to come up in the Act. A second discussion might take place before the decision of making this Act is final. This whole procedure might take up some time as a lot of people are concerned regarding this Act.
Source: The Financial Express
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