Industrial Corridors Scheme:
The Asian Development Bank (ADB) and the Government of India signed a USD 484 million loan for the Tamil Nadu Industrial Connectivity Project.
- The loan is to improve transport connectivity and facilitate industrial development in the Chennai – Kanyakumari Industrial Corridor (CKIC) in the state of Tamil Nadu.
- The loan is in line with Strategy 2030, ADB’s long-term corporate strategy, the project emphasises sustainability, climate change resilience, and road safety elements.
- Under Strategy 2030, ADB will expand its vision to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
- CKIC is part of India’s East Coast Economic Corridor (ECEC).
Industrial Corridors Scheme:
- An industrial corridor is an economic ecosystem built around a transportation corridor connecting two major economic centers, where the transportation corridor serves as the nerve center of the economic activity across the corridor.
- In addition to the transportation corridor, a well-designed industrial corridor contains clusters of industrial production serving regional and global demand, and urban centers proliferating equitable development.
- In 2019, the government approved the development of the five industrial corridor projects, being implemented through National Industrial Corridor Development and Implementation Trust (NICDIT).
- NICDIT is an apex body under the administrative control of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
