The delay in launching work on development of Visakhapatnam-Chennai Industrial Corridor (VCIC) despite the in-principle sanction of $625 million by Asian Development Bank (ADB) is dampening the spirit of investors who feel a big push to the project would change the industrial landscape of the State.
The ADB, which prepared the concept paper, has agreed to give $500 million towards multi-tranch financing facility and policy-based loan worth $125 million long ago. Last year, the State government decided to take up the work on the Visakhapatnam and Chittoor nodes on a priority.
“The ambitious project aimed at boosting the manufacturing sector is yet to take off. Adequate provision has to be made for payment towards land acquisition,” Andhra Pradesh Chambers of Commerce and Industry Federation (APCCIF) president G. Sambasiva Rao told The Hindu. He also wanted a roadmap be finalised with deadlines for achieving various milestones.
The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has already identified both government and private land for the proposed industrial clusters. The government has mooted development of nodes in Visakhapatnam, Machilipatnam, Donakonda and on the Yerpedu-Srikalahasti stretch.