delhi mumbai industrial corridor
TRANSCRIPT
OsakaAugust 2, 2007
Department of Industrial Policy & Promotion (DIPP)
Ministry of Commerce & IndustryGovernment of India (MoCI)
Delhi-Mumbai Industrial Corridor
Haryana Dadri
J.N.Port
Rajasthan
Maharashtra
GujaratMadhya Pradesh
Haryana
Uttar Pradesh
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Overview
DMIC along Dedicated Freight Corridor (DFC) to optimize on connectivity offeredMOU between MoCI and METI, Japan in December, 2006 Inter-Ministerial Group formed to evolve the Project Outline Indo Japanese Task Force to guide the process
First Taskforce Meeting held at Tokyo on 25th May, 2007Second Task Force Meeting held at New Delhi on July 02, 2007Third Task Force Meeting at Tokyo on July 23, 2007Observations of Task Force Meetings incorporated in Concept Paper
Project Outline finalization before Aug 22, 2007 visit of Premier AbeFeasibility Studies of Phase by December 2008Project launch January 2008Completion of Phase I by 2012 coinciding with Western DFC.
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Delhi-Mumbai Industrial Corridor (DMIC)The 1483-km long DFC Project to be commissioned in 2012
Focus is on ensuring high impact developments within 150km distance on either side of alignment of DFC
Area under Project Influence is 14% and population is 17% of the Country
20% more than Japan
Total Population in the Project Influence Area : 173.4Mn
Total Workers in the Project Influence Area: 68.36Mn
As per Census-2001
End TerminalsDFC Alignment
Dadri
J.N.Port
Haryana
Rajasthan
Maharashtra
Gujarat
Madhya Pradesh
Uttar Pradesh
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J.N.Port
NoidaGurgaon
Faridabad
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Ghaziabad
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`Sonepat
Sohna
Dadri
Existing Industrial BeltsUttar Pradesh- Noida/ Greater Noida, Ghaziabad
(General Manufacturing)Haryana- Gurgaon, Faridabad, Sonepat(Automobile, Electronics, Handloom)
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Gujarat: Ahmedabad, Vadodara, Anand, Bharuch, Surat (Engineering, Gems & Jewelry, Chemicals)
Ahmedabad
VadodaraBharuchSurat
Anand
BhilwaraJodhpur
Kota
Rajasthan: Jaipur, Alwar, Kota, Bhilwara, Jodhpur (Marble, Leather, Textile)
Jaipur
Alwar
Maharashtra: Mumbai, Pune, Nashik (Auto/Auto Component, Textile, Pharma, Aluminum)
Nashik
Mumbai Pune
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Vision for DMIC
“To create strong economic base with globally competitive environment
and state-of-the-art infrastructure to activate local commerce, enhance
foreign investments and attain sustainable development”
Delhi-Mumbai Industrial Corridor is conceived to be developed as “Global
Manufacturing and Trading Hub” supported by world class infrastructure
and enabling policy framework
Project GoalsDouble employment potential in five years (14.87% CAGR)
Triple industrial output in five years (24.57% CAGR)
Quadruple exports from the region in five years (31.95% CAGR)
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Project Objectives
Industrial InfrastructureDeveloping new industrial clusters Upgradation of existing industrial estates/clusters in the corridorDeveloping Modern Integrated Agro-Processing Zones with allied infrastructureDevelopment of IT/ITeS Hubs and other allied infrastructureProviding efficient logistics chain with multi-modal logistic hubs
Physical InfrastructureDevelopment of ‘Knowledge Hubs’ with integrated approachFeeder Road/Rail connectivity to ports, hinterlands and markets;Development of existing Port infrastructure and Greenfield Ports; Upgradation/ Modernization of Airports;Setting up Power Generation Plants with transmission facilities;Ensuring effective environment protection mechanism Development of integrated townships
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Integrated Corridor Development
The development strategy for the DMIC is based on the competitiveness of each of the DMIC states :
Holistic approach adopted to identify High Impact/Market Driven Nodes along the DMIC
Each Node will be self-sustained regions with world class infrastructure and enhanced connectivity to DFC, Ports, and Hinterlands
Market Driven Nodes are proposed to be in two categories
Investment Regions - Approx. 200 sq km Area (Minimum)
Industrial Areas - Approx. 100Sqkm Area (Minimum)
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Integrated Corridor Development
Criteria for Selection of Investment Region
Each DMIC State to have at least one node to spread economic benefit
Proximity to major urban agglomerations
Potential for Developing Greenfield Ports (or) Augmentation
Availability of land parcels and established industrial base
Criteria for Selection of Industrial Area:
To take advantage of inherent strengths of specific locationsMineral Resources
Agriculture
Industrial development, and,
Skilled Human Resource base
To spread the benefits of the corridor the project will also seek to link Under-Developed Regions along the Corridor to Well Developed Regions
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Nodes for Phase-I Development (2008-12)Short listed Investment Regions:
1) Dadri-Noida-Ghaziabad (Uttar Pradesh);2) Manesar-Bawal Region (Haryana);3) Khushkhera-Bhiwadi-Neemrana (Rajasthan);4) Bharuch-Dahej (Gujarat);5) Igatpuri-Nashik-Sinnar (Maharashtra);6) Pitampura-Dhar-Mhow (Madhya Pradesh)
Short listed Industrial Areas:a) Meerut-Muzaffarpur (Uttar Pradesh)b) Faridabad-Palwal (Haryana)c) Jaipur-Dausa (Rajasthan);d) Vadodara-Ankleshwar (Gujarat);e) Industrial Area with Greenfield Port at
Alewadi/ Dighi (Maharashtra);f) Neemuch-Nayagaon (Madhya Pradesh)
DFC AlignmentInvestment Region (Min.200SQKM)
Industrial Area (Min.100SQKM)
Haryana Dadri
J.N.Port
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c
d
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4
Rajasthan
Maharashtra
Gujarat
b
e
Madhya Pradesh
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a
f
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Haryana
Uttar Pradesh
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Phase- II (2012-18): indicative list of projects (to be finalized after consultations)
Investment Regions:7) Kundli-Sonepat (Haryana);8) One Region in Gujarat (Location yet to be
decided);9) Ratlam-Nagda (Madhya Pradesh)Industrial Areas:g) Rewari-Hissar (Haryana)*;h) Ajmer-Kishangarh (Rajasthan);i) Rajsamand-Bhilwara (Rajasthan); j) Pali-Marwar (Rajasthan)*;k) Palanpur-Sidhpur-Mahesana (Gujarat)*;l) Surat-Navsari (Gujarat);m) Valsad-Umbergaon with Maroli Greenfield
Port (Gujarat);n) Pune-Khed (Maharashtra)p) Shajapur-Dewas (Madhya Pradesh);
DFC AlignmentInvestment Region (Min.200SQKM)
Industrial Area (Min.100SQKM)
Haryana Dadri
J.N.Port
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m
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l
7g
j
Rajasthan
Maharashtra
GujaratMadhya Pradesh9 p
k
Haryana
Uttar Pradesh
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Components of Each Industrial Node
Industrial InfrastructureNew Industrial Clusters/ Parks/ SEZsUpgradation of existing industrial estates/clustersModern Integrated Agro-Processing Zones with allied infrastructureIT/ITES Hubs and other allied infrastructureEfficient logistics chain with integrated multi-modal logistic hubs
Physical InfrastructureKnowledge Cities / Skill Development Centers with integrated approachAugmentation of Existing Port infrastructure & Greenfield Port Development; Upgradation/ Modernization of Airports;Power Generation Plants with transmission facilities;Feeder Road/Rail connectivity to ports, hinterlands and markets;Dovetailed integrated townships catering to investor countriesEffective Environment Protection Mechanism
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Implementation Structure – 3 Tier
An Apex Authoritywith concerned Central Ministers and Chief Ministers of respective DMIC States as Members;
A Corporate Entity, referred as DMIC Development Corporation (DMICDC), to coordinate Project Development, Finance and Implementation;
A Project Management Consultant will work under DMICDC for overall planning, monitoring and financial advisory services
Project specific Special Purpose Vehicles (SPVs) to implement individual project components viz. Industrial Areas/SEZs, Roads, Power, Ports, Airports etc
State-level Committee for coordination between DMICDC, Various State Govt. Entities and Special Purpose Vehicles (SPVs), wherever necessary.
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Implementation FrameworkDMIC Steering Authority
(concerned Central Ministers & Chief Ministers as Members)
DMICDC(A Corporate Entity with representation from Central & State Govt. Agencies, FIIs and DFC)
Master Development Plan, Techno-Economic Feasibility Studies, Business Plans, Projects Prioritization, Bundling &
Unbundling of Projects to Central/Line Ministries & State Govt
State-level Committee
Project Specific Special Purpose Companies (SPC)
(For both Central & State Govt Projects viz. Ports, Airports, Roads, Industrial Areas, Power etc)
Approvals & Clearances (FIPB, NSC, MOEF etc), Monitoring & Commissioning of Projects, Financing Arrangement etc
Project-1 Project-2 Project-3 Project-4
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Financial Structure of the DMICDC
49 % equity contributed by GOI
51 % equity contributed by Financial Institution(s) and other Infrastructure organizations
Loans facilitated by DMICDC – as a pass-through arrangements for specific projects
Project Development Funds contributed by GoJ, Fis and GoI.
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Project Development Fund (PDF)
Magnitude of Project and the high number of sub-project necessitates creation of a Project Development Fund:
USD 250 mn to be raised as Project Development Fund
PDF to be used specifically for all Project Development Activities to reach technical and financial closure
PDF to be a revolving fund – expenditure on Project Development to be recovered from Project SPVs
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Commitment of DMIC States
Each State Government will notify a nodal agency to coordinate with DMICDC, State level agencies, and SPVs
Would set up the investment regions/ industrial areas in each state;
Assist in acquiring the land for setting up of infrastructure & investment regions/industrial areas
Facilitate the clearances required from the State Government
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Project Specific SPVs
Implementation of specific components of industrial nodes
Projects to be awarded to operators with relevant clearances through a transparent bidding process
Project Operators to raise finances, to implement the projects
Independent Board of Directors for each SPV
Debts to be raised domestically and externally e.g. through JDRs
Debts could also be raised by DMICDC and passed on to SPVs
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Soft Infrastructure for DMIC
Initiatives for Skill EnhancementSkill Development Centers planned for each investment region/ industrial areas
Streamlined Administrative ProceduresEach Node could have one or more Special Economic Zone, whose Head is empowered by the Act to grant necessary clearancesEach State Government will constitute an empowered authority foreach of the investment region/ industrial areaThese authorities to have delegated powers, from State Governments and other , to take decisions locally
Flow of GoodsGovernment of India has already announced road map for introducing a ‘Goods and Service Tax’ by 2010 which would replace central and state taxes into a unified tax regime
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Overview
Project Development Phase :
Estimated Requirement : USD 250 mn
Suggested Structure : Venture Capital Fund
Project Developer : DMICDC
Recovery of Investment : From successful bidders
Contributors : GoJ, FIs and GoI
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Timelines
Concept Report finalized
Appointment of Consultant for preparation of DPR: July 2007
Joint Presentation of final concept from Hon’blePM (India and Japan): August 2007
Finalization of DPR by GoJ/GoI and the financing plan : December 2007
Project Launch: January 2008
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Thank You
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Key Issues in Project ImplementationThe complexity of implementing the DMIC will require rigorous detailing of all aspects of the project prior to implementation :
Engineering
Environmental
Social
Financial
Contractual, etc
The size of the project will also require to be implemented in phases. This will be critical in ensuring its sustainability
Given the involvement of multiple Ministries and multiple state governments an effective framework for co-ordination is critical
The DMIC Project involves an investment of US$ 90 bn with 60-70 different projects. An a priori strategy for the mobilization of finances to cover each phase of the project will also be critical
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Four-Tier Implementation Structure
An Apex Authority, Headed by the Prime Minister with concerned Central Ministers and Chief Ministers of respective DMIC States as Members;
A Corporate Entity, referred as DMIC Development Corporation (DMICDC), to coordinate Project Development, Finance and Implementation;
A Project Management Consultant (Joint Consultant) will work under DMICDC for overall planning, monitoring and financial advisory services
State-level Coordination Entity for coordination between DMICDC, Various State Govt. Entities and Special Purpose Vehicles (SPVs);
Project specific Special Purpose Vehicles (SPVs) to implement individual project components viz. Industrial Areas/SEZs, Roads, Power, Ports, Airports etc
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Project Development Fund (PDF)
Magnitude and importance of Project necessitates creation of Project Development Fund:
Cost of Project development would be substantial
Funding would need to be accessed from variety of sources-Central and State Govt., Indian and Foreign investors, bilateral and multilateral Institutions
Investments to be recovered from PPP projects
USD 250 mn to be raised as Project Development Fund from Govt of India, Japan and FIs
The PDF to be used specifically for all Project Development Activities to reach technical and financial closure
PDF ensures availability of finance to get projects off the ground
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SMEs in India - DefinitionManufacture
(i) a micro enterprise, where the investment in plant and machinery does not exceed twenty five lakh rupees (US $ 55K);
(ii) a small enterprise, where the investment in plant and machinery is more than twenty five lakh rupees (US$ 55K) but does not exceed five crore rupees (US$ 1.1M); or
(iii)a medium enterprise, where the investment in plant and machinery is more than five crore rupees (US$ 1.1M)but does not exceed ten crore rupees(US$ 2.2M);
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SMEs in India - DefinitionServices
(i) a micro enterprise, where the investment in plant and machinery does not exceed ten lakh rupees (US $ 22K);
(ii) a small enterprise, where the investment in plant and machinery is more than twenty lakh rupees (US$ 55K) but does not exceed two crore rupees (US$ 444K); or
(iii)a medium enterprise, where the investment in plant and machinery is more than two crore rupees (US$ 444K)but does not exceed five crore rupees(US$ 1.1M);
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SME Sector produces wide range of products :
More sophisticated items manufactured by SME sector now include television sets, electronic desk calculators, microwave components, air conditioning equipment, electric motors, auto-parts, drugs and pharmaceuticals.
Simple consumer goods to highly precision and sophisticated end-products
leather articles, plastics and rubber goods, fabrics and ready-made garments, cosmetics, utensils, sheet metal components, soaps and detergents, processed food and vegetables, wooden and steel furniture and so on.
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SME Sector in IndiaKey growth engine of the Indian economyConstitutes 95% of all industrial units in the countryContributes more than 40% to domestic industrial outputGenerates 45% of industrial employmentConstitutes about 50% of total manufactured exports (Direct and Indirect)Produces diverse range of products (more than 8,000 – consumer items, capital goods and intermediates)
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SME Sector – Significance in Indian contextSMEs are generally less capital-intensive and more labour-intensive.
Are best suited for countries like India, China and most of the developing world having abundant supply of low-cost manpower and bountiful natural resources.
Provide large scale employment, ensure equitable distribution of income and facilitate effective mobilization of resources of capital and skills, which would otherwise remain unutilized, particularly in rural and backward areas.
India has already established a niche in SME Development Strategy and providing excellent support in product development, R&D, financial instruments, Infra-structure, marketing and export development
Consequently, India is fast emerging as a global hub for labour-intensive knowledge-oriented business.
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SMEs – The Most Vibrant & Potential Growth Segment
A recent World Bank Report states: “There is now widespread recognition within India that vibrant SMEs are potentially a key engine of economic growth, job creation and greater economic prosperity”.
10th Plan Document of Govt. of India states: “Growth as planned will come from a sharp step-up in industrial and services growth, spurred by SMEs”.
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SME Profile
SSI units : 12.3 millionEmployment generated in SSIs : 29.5 millionProduction : US $ 100 billionExports : US $ 27 billionSSIs account
Industrial Production : 40%Exports : 35% (50% of Direct & Indirect)
GDP Share : 7%
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SME Profile
Ownership pattern : Proprietorships : 78% Partnerships : 16%Corporate & Others : 6%
Industrial Units : 96%Service Enterprises : 3%Ancillary Units : 1%
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Challenges of SMEsAccess to finance for SME ProjectsLack of adequate working capitalQuality industrial infrastructure (inclusive of Power)Marketing of productsTechnology up gradation and improvement in quality of productsDelayed payments to SMEsSickness and NPA management
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India: Quick facts
• India adds about five million telephone subscribers every month. The total number of subscribers is expected to reach 250 million by the end of 2007.
• The Indian IT-ITeS industry has recorded revenues of US$ 23.6 billion in FY 2005-06.
• Total premium of the general insurance industry grew 16.48 per cent in 2005-06 to US$ 4.4 billion from US$ 3.78 billion a year earlier.
• Poised at a phenomenal growth of 500 per cent, the Indian insurance industry is expected to reach US$ 60 billion in the next four years.
• India has displaced US as the second-most favoured destination for foreign direct investment (FDI) in the world after China according to an AT Kearney's FDI Confidence Index
• India's foreign exchange reserves stand at US$ 180 billion.
• India continues to be the best place to start a business, says a global services location index by AT Kearney.
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India: Quick facts
• India has one of the largest road networks in the world, aggregating 3.34 million kilometers. It comprises 66,590 km of National Highways,1,28,000 km of State Highways, 4,70,000 km of Major District Roads and about 26,50,000 km of other District and Rural Roads.
• Indian roads carry about 70 per cent of the freight and 85 per cent of the passenger traffic.
• India is the Sixth largest crude consumer in the world.
• Estimated to be a US$ 350 billion industry, the Indian retail sector is growing at a three-year CAGR of 46.64 per cent.
• The travel and tourism sector in India is expected to generate a total demand of US$ 53,544.5 million of economic activity in 2006, accounting for nearly 5.3 per cent of GDP and 5.4 per cent of total employment.
• International Iron and Steel Institute (IISI) has ranked India as the seventh largest steel producer in the world with an overall production of about 40 million tonnes in 2006.
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India: Quick facts
• India exports US$ 6 billion worth of garments.
• India's gems and Jewellery sector contributed to about 15 per cent of India's total merchandise exports during 2005-06.
• India is the largest consumer of gold jewellery in the world and accounts for about 20 per cent of world consumption.
• India is the largest diamond cutting and polishing centre in the world.
• India is the second largest producer of rice and wheat in the world; one of the largest producers of sugar, sugarcane, peanuts, jute, tea and an assortment of spices.
• The Indian pharmaceutical industry, consistently growing at 9.5 per cent in the last 5 years, could zip at 13.6 per cent between 2006 and 2010 and reach a market size of US$ 9.48 billion by 2010 from its present level of about US$ 5.7 billion.
• Healthcare delivery is one of the largest service-sector industries in India. The country will spend US$ 45.76 billion on healthcare in the next five years.
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Sectoral FDI Policies
Banks:upto 74% under automatic routeNBFC: upto 100% under automatic route with capitalization norms
Finance, Economic organization
upto 26% under automatic routeInsurance
Note permitted except Single Branded product retailing ( upto 51% under FIPB route)
Retail
Civil Aviations Services: upto 49% under automatic routeRoad: upto 100% under Automatic routeShipping / Inland Water Transport: upto 74% under automatic route
Transportation
FDI PolicySectors
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Sectoral FDI Policies
Upto 100% under Automatic route except Atomic Energy
Electricity, gas, water, other utilities
Upto 100% under Automatic routeManufacturing
Upto 100% under Automatic routeIT
Upto 100% under Automatic route for most services. Some services have entry conditions. Refer FDI Manual in CD
Service
Reserved: Railways Transport, Arms, Atomic Energy, Defense Aircrafts & Warships, Atomic menial & some such mineral – No FDI, Tech transfers and vendors possible
Public sectorFDI PolicySectors
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Sectoral FDI Policies
FDI up to 100% under automatic route in townships, housing, built-up infrastructure and construction-development projects (which would include, but not be restricted to, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure)
entry conditions of minimum capitalization and area -Reference Press Note 2, 2005 at dipp.gov.in
No speculative activities
Real estate, Construction
FDI PolicySectors
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Opportunities
Fashion Technology
Information Technology
Design Technology
Health Technology
Bio Technology
Infrastructure sectors
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Fashion Technology - OpportunitiesGlamour & LimelightCreative High Value AdditionCoverage (Extensive) ClothesDresses Garments Textile
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Fashion Technology - Opportunities (contd.)
Footwear
Various Leather Products
Jewellery
Travel Goods
Fashion Accessories (purses, bags, carryon, watches etc.)
Personal Embellishment (Face, Hair, Hands, Feet, Cosmetics, Perfumes etc.)
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Information Technology : Opportunities
Media
Entertainment
Contents,
Animation,
Games,
Gaming
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Design Technology : OpportunitiesInteriors - (Furniture & Furnishing – homes, work places, community, hospitals, schools, shopping places, recreation, sports) Exteriors - (Architectural)Industrial productsTextilesElectrical appliancesWhite goodsLeather productsEngineering productsMachineryDies and toolsWatches JewelleryHospital equipments Medical instrumentsElectronics and Communication Products and Equipments
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Health Technology : OpportunitiesPersonal Health CarePreventive Health CarePhysiotherapyMonitoring (sensors)Community HealthVaccinesPublic HealthSurveillance of Health Status (AIDS, Bird Flu etc)Medical Imaging Technology such as X-ray, Cat scanning, Computed Tomography Scan (CTs), Magnetic Resource Images (MRIs), Sonograms etc.Surgical & Physiotherapy
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Health Technology : Opportunities (contd.)
Personal Health CarePreventive Health CarePhysiotherapyMonitoring (sensors)Community HealthVaccinesPublic HealthSurveillance of Health Status (AIDS, Bird Flu etc)Medical Imaging Technology such as X-ray, Cat scanning, Computed Tomography Scan (CTs), Magnetic Resource Images (MRIs), Sonograms etc.Surgical & Physiotherapy
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Health Technology : Opportunities (contd.)
Health Information ManagementMedical Laboratory TechnologyBeauty Care and WellnessNursingPharmacy TechnologyMedical Research LaboratoryYoga & NaturopathyHerbal TherapiesEnvironmental HealthFood SupplementsFood, Inspection and Testing etc.Medical Waste ManagementHospital Supplies & Staffing Services
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Bio Technology : Opportunities
The biotech industry continues to grow at almost the same rate that it did in last year. The industry recorded 36.55 percent growth compared to the previous year’s revised figure of US $ 788 million. In 2003-04, there were just four companies with revenues in excess of US $ 22 million.An Ernst and Young study has named India as one of the five emerging biotech leaders in the Asia Pacific besides Singapore, Taiwan, Japan and Korea, with mainland China catching up quickly. The study ranked India third in the region based on the number of biotech companies (96) in the country, after Australia (228) and China, including Hong Kong (136).The above-expected growth will facilitate SMEs to enter into this field by setting up contract Research Organisations (CROs) and in other areas to meet the demand of US $ 3.1 billion market of Indian Pharmaceutical Industry.With the industry zooming part the US $ 1 billion mark, registering
revenues of US $ 1.07 billion, the sector has achieved a significant milestone.
Opportunitiesknowledge sector
US $ 365 billion in 2020.
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Power
(Estimated investment: USD 60 billion)
Over 67000 MW capacity to be added in the 11th
plan period (2007-08 to 2011-2012)
9 UMPPs to be implemented during the 11th and 12th plans
Transmission capacity augmentation through JVs for new generation
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Roads (Estimated investment: USD 49 billion)
NHDP-II: 4569 km,
$103800 mn.
NHDP-III: 10000 km
$155200 mn.
NHDP-IV: 20000 km
$66100 mn.
NHDP-V: 6500 km
$98100 mn.
NHDP-VI: 1000 km
$39700 mn.
NHDP-VII: $38000 mn.
State Roads programme are in addtion
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Railways
(Estimated investment USD 67 billion)
Dedicated Freight Corridors with PPP sub-projects envisaging more than USD 7 billion investment for the North South, East West Corridors aloneContainer operationsRail side warehousingLogistics ParksDevelopment of Rail links to PortsDedicated rail links for evacuation of specific industrial itemsModernization of Railway StationsDevelopment of new routes
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Airports (estimated investment USD 9 billion)
Metro Airport development through PPPGreenfield Airports Concept of Merchant Airports being examined by GovernmentCity side development in 24 Non-metro AirportsProvision of Services within airports
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Ports:(Estimated investment USD 11 billion)
National Maritime Development Programme
387 port projects
All new berths on PPP basis
Gradual transition of old berths to PPP
Compound Annual Rate of Growthduring different Time span
10.789.979.5
6.745.51
0
2
4
6
8
10
12
1951-200454 Years
1992-2004Post Liberalized
Era
2001-2004Last 3 Years
2003-2004Prev ious Year
2004-2005Projected Grow th
Period
Perc
enta
ge
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Telecom
Untapped rural potential with low rural tele-density of 1.9% which must increase to 10% by 2012
Almost a million broadband connections added in 2006-2007. With low penetration scope for further increase
Current tele-density 15%
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Urban Infrastructure
Mass Rapid Transit Systems at Mumbai at a capital cost of about USD 2.5 billion, Hyderabad and Kolkata at about USD 1 billion each, Ahmedabad at about USD 950 million and other cities