Focus: Facts for Prelims
Why in News?
Recently, eight projects under the National Industrial Corridor Development and Implementation Trust (NICDIT) have been sanctioned and approved by the Government of India.
National Industrial Corridor Development and Implementation Trust (NICDIT)
- Purpose: The NICDIT is responsible for the implementation of the National Industrial Corridor Programme.
- National Industrial Corridor Programme: The Indian government is working on the development of various industrial corridor projects as part of the National Industrial Corridor Programme.
- Special Purpose Vehicle (SPV): The industrial corridors are being implemented through a special purpose vehicle in the form of a company, set up as a joint venture between the central and state governments under the Companies Act, 2013.
- Expansion of Scope: In 2016, the government approved the expansion of the existing DMIC-Project Implementation Trust Fund (PITF) and renamed it as the NICDIT.
- Nodal Ministry: The NICDIT operates under the administrative control of the Department of Promotion of Industry and Internal Trade (DPIIT), which is part of the Ministry of Commerce and Industry.