Delhi - Mumbai Industrial Corridor (DMIC)

Lauded as the driver for the next level of economic growth of the Indian economy, DMIC has been planned as a global manufacturing and trading hub in India. The dream project involves the development of a 1,500 km industrial belt between Delhi and Mumbai passing through seven states extending upto 150km on either side of the DFC. The investment requirement for the entire DMIC project is Rs. 3,648 billion.

According to 3D Power, 24 industrial development hubs have been identified in the form of industrial regions for development across the corridor. The Phase 1 of the project between Delhi and Vadodara will be carried out during 2008-12 and Phase II will be extended till 2013-18. The project will have enormous potential for development in terms of industrial growth and employment. In a five year period, it is envisaged to double the employment potential upto 14.87% compounding annual growth rate to be triple of the industrial output of about 24.57% and quadruple exports from the region is expected to be 31.95% with a total employment potential of about 0.8 million masses.

Real Estate

Falling inflation, interest rates and above all the recent fiscal stimulus announced by the government, will give indirect push to construction and housing activities across the country. Steel players will benefit from government measures such as bringing HR coils under the restricted category and levy of import duty on flat products. The reduction of excise duty in cases where the output is sold directly to the consumer, withdrawal of export duty on iron ore fines and export duty reduction on iron ore lumps and pellets will encourage iron ore exports, besides encouraging developers to focus on affordable housing.

Similarly, the fiscal sops and stimulus and classified loans under Rs. 20 lakh as priority sector lending are all set to brighten the prospects of housing sector. The new classification of loans is aimed at encouraging banks to lend. The Rs. 4000 crore refinance facility for NHB will ensure availability of loans for the sector. The reduction in home loans rates by PSU banks to Rs. 5 lakh and 9.5% for loans in the range of Rs. 5 to 20 lakh has prompted large private players such as HDFC and ICICI bank to cut rates, the development will again encourage housing activities which will again boost the business of steel and cement and construction companies. Recently, as observed by 3D Power, the centre has given a major incentive to the states to engage private developers by agreeing in doling out 25% of the total cost of external services such as drainage, roads, sewage and a water supply as grant to state governments. Consequently, the meltdown may soon make housing for the masses a reality. The Centre has been awaiting a reply from state governments on its Rs. 5,000 crore package to create on million affordable houses across the country. In the recent past, developers have also announced plans to foray into the affordable housing segment. The leading players in the real estate business have also unveiled plans to build houses in the 20 lakh category. In fact, the meltdown may soon make housing for the masses a reality.

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