Morena in MP to be a node in Delhi-Mumbai Industrial corridor

Morena area in the Gwalior region of Madhya Pradesh has been added as a new investment node in the Delhi-Mumbai Industrial Corridor (DMIC) project.

The Madhya Pradesh government had, in June, made a formal proposal for designing Morena as an investment node under the Delhi-Mumbai Industrial Corridor (DMIC) project, minister of state for commerce and industry Jyotiraditya Scindia informed the Rajya Sabha in a written reply.

The state government has been requested to make available adequate land, water and power in order to consider providing technical assistance for the development of a new node as is being done in other states, he said.

Meanwhile, the government has proposed to replace private sector players IL&FS and IDFC with state-owned institutions in DMIC Development Corporation (DMICDC), an agency that was set up to raise $4.5 billion to fund the ambitious Delhi-Mumbai Industrial Corridor (DMIC) project.

"The Finance Ministry has proposed to replace IL&FS and IDFC and bring in government-owned financial institutions in DMICDC. A cabinet note has been moved in this regard," DMICDC CEO Amitabh Kant said on the sidelines of the India-Japan Global Partnership Summit.

IL&FS and IDFC, could be replaced by Life Insurance Corporation (LIC) and housing development company HUDCO in the DMICDC.