The government Monday said it is creating a new 'National Industrial Corridor Development Authority' to carry out project development activities, sanction projects, and implement and coordinate all central efforts for industrial corridor development.

The new government scheme and reform was announced by Shatrughna Singh, additional secretary, department of industrial policy and promotion (DIPP) to the Japanese investors here at an industry seminar organised by Federation of Indian Chambers of Commerce and Industry (FICCI).

"India, though it has its own set of challenges today, offers a plethora of opportunities for Japanese companies as the Indian Government is unleashing a series of reforms to improve business environment," Shatrughna Singh said at the 39th joint meeting of India-Japan Business Cooperation Committee (IJBCC).

Shatrughna Singh said the government was providing an enabling and conducive environment for doing business in India which was an important factor contributing to industrial growth. 

"It has the potential to not only take the economic growth to a higher trajectory, but also to provide employment. The government is committed to remove all bottlenecks and develop India as a manufacturing hub," Shatrughna Singh said.

FICCI's president Sidharth Birla said the new government has embarked on a more vigorous agenda of economic growth led by crucial reforms like hike in FDI limits in defence and opening up of FDI in some areas of railways. 

"The government has identified manufacturing, connectivity and infrastructure as the pillars of its nation-building task. India has ambitious plans for bullet trains, smart cities, sanitation and cleanliness, waste management, renewable energy and manufacturing across segments," Birla said.