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of <h1>Japan's $4.5B Loan Boosts Delhi Mumbai Industrial Corridor, Creating 3M Jobs with Low Interest and Local Sourcing Benefits.</h1> The Cabinet Committee on Economic Affairs has approved utilizing Japanese assistance through the Japan International Cooperation Agency's Special Terms for Economic Partnership (STEP) for the Delhi Mumbai Industrial Corridor (DMIC) project. This initiative aims to develop industrial cities with world-class infrastructure, attracting investments of $90-100 billion and creating over three million jobs. The $4.5 billion STEP loan will facilitate Japanese funding, technology transfer, and manufacturing facilities in India. The loan terms allow 30% of goods to be sourced locally, encouraging joint ventures. The loan offers a 0.1% interest rate over 40 years, with a 10-year moratorium, providing significant savings compared to standard loans.
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