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Vizag-Chennai Corridor
The Government of India has given its concurrence for engaging Asian Development Bank (ADB) for carrying out feasibility study and preparing the Conceptual Development Plan for East Coast Economic Corridor (ECEC) linking Kolkata in the East through Chennai to Tuticorin in South in a phased manner in May 2014. In the first phase, Vizag-Chennai segment of ECEC, i.e. VCIC was taken up for the feasibi
The Government of India has given its concurrence for engaging Asian Development Bank (ADB) for carrying out feasibility study and preparing the Conceptual Development Plan for East Coast Economic Corridor (ECEC) linking Kolkata in the East through Chennai to Tuticorin in South in a phased manner in May 2014. In the first phase, Vizag-Chennai segment of ECEC, i.e. VCIC was taken up for the feasibility study.
It may be recalled that the government has adopted the strategy of developing integrated industrial/economic corridors in partnership with State governments for boosting industrial development. The industrial corridors proposed across the country are: Delhi-Mumbai Industrial Corridor (DMIC), Amritsar-Kolkata Industrial Corridor (AKIC), Bengaluru- Mumbai Economic Corridor (BMEC), Chennai-Bengaluru Industrial Corridor (CBIC); and Visakhapatnam-Chennai Industrial Corridor (VCIC or the East Coast Economic Corridor).
The Andhra Pradesh Re-organization Act 2014 mandates that Government of India will examine the feasibility of establishing Vizag Chennai Industrial Corridor (VCIC) in a time-bound manner. VCIC is an important part of the East Coast economic corridor and the extent of it is considered from Pydibheemavaram in Srikakulam district to Chennai in Tamil Nadu. The corridor is therefore covering the coast of AP comprehensively.
The potential nodes identified as a part of VCIC are : 1. Visakhapatnam; 2. Kakinada; 3. Srikalahasti-Yerpedu and 4. Gannavaram Kankipadu. A multi-tranche financing facility (MFF) and grant will support priority infrastructure investments in the Visakhapatnam-Chennai Industrial Corridor (VCIC) and the policy-based loan (PBL) will support policy reforms and institutional development in the State.
The government has not approved or released any funds directly for the VCIC project. However, funds are needed to the tune of $840 Million for VCIC nodes, out of which ADB Funding of US $ 625 Million has been approved by the Department of Economic Affairs (DEA), Government of India.
Remaining amount US $ 215 Million shall be provided by the Government of Andhra Pradesh. Out of ADB loan of US$625 Million approved by DEA, a sum of $370 Million has been sought as first tranche from ADB. The ADB conducted the feasibility study for VCIC and submitted the final Conceptual Development Plan (CDP) for the Project in December 2014. It has also started the master planning for four nodes Vishakhapatnam, Kakinada, Gannavarm-Kankipadu and Srikalahasti-Yerpedu of Andhra Pradesh as identified in the CDP.
