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Industrial Corridors Scheme

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.