The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for transfer of land measuring 89.72 ha in Sector 25, Dwarka, New Delhi, free from all encumbrances, to the Department of Industrial Policy and Promotion for creation of a World class State-of-the-Art Exhibition-cum Convention Centre in Dwarka, New Delhi at a nominal sum of Rs1 within six weeks of the decision by the Cabinet. \n\nThe ownership of the said land will vest in and remain with the Department of Industrial Policy and Promotion for creation of a world class state-of-the-art Exhibition-cum-Convention Centre comprising a host of independent and mutually beneficial facilities like exhibition halls, convention centres, banquet halls, auditoria, arena, financial centre, hotels, Food & Beverage (F&B) outlets & retail services. Project structuring, initial expenses of non-PPP trunk infrastructure costs will be borne by the Government. This may be Central Government\u2019s contribution by way of equity in the project. \n\nCabinet has also approved the constitution of a Committee comprising Secretary, Department of Industrial Policy and Promotion, Secretary, Ministry of Urban Development, Secretary, Department of Expenditure, Secretary, Department of Economic Affairs and CEO, NITI Aayog to steer the project including project structuring and development options in a transparent, competitive manner. \n\nThe project will be developed in Public-Private Partnership, utilizing if necessary viability gap funding of Gol. Permission is also granted to DIPP to lease\/sub-lease the land and grant concession to the private entities for development and operation of various facilities. Permission for mixed land use in the project site will be accorded by DDA\/ MoUD expeditiously. \n\n\nThe development of the ECC and supporting components is expected to help increase the share of Asia in terms of number of events to around 15% by 2021. It is estimated that the proposed ECC facility will infuse a demand for more than 100 international and local exhibition events annually. Development of the ECC and support facilities is estimated to contribute more than one million international delegates based (non-leisure) Meetings, Incentives, Conferences, Exhibitions (MICE) tourism per annum. The ECC and supporting facilities are expected to generate spending of more than Rs. 2 lakh crore (40 Billion USD) per annum after commissioning of the second phase of the project. The proposed Exhibition Centre, Convention Centre and Multi Performance Arena developments are estimated to generate over five lakh direct and indirect employment opportunities. The job creation shall not be limited to core ECC facilities but would also entail opportunities for regular formal employment in supporting ECC land uses like retail, office and hospitality. \n\nIndia lacks an integrated world class facility which can meet the requirements of global exhibition-cum-convention operators in terms of space, project facilities, transportation linkages, etc. Only a few centres in terms of organized space are available in the country. The Exhibition ground at PragatiMaidan has been the only organized large space for years which too is facing severe capacity and traffic constraints leading to great inconvenience to citizens and visitors to the centre in particular. Further, the huge constant demand for exhibitions and related activities puts immense pressure on the existing facilities resulting in lesser time available for maintenance to hold large sized events and maintain international standards. \n\nIt has been estimated that the global MICE market, which supports 400,000 conferences and exhibitions worldwide, is of the size of US $ 280 billion and is a significant economic driver for a large number of nations. The total size of the Asian MICE market accounts for US$ 60 billion having demonstrated a growth of 38% since 2006. In the absence of world class exhibition and conference facilities, India has not benefited from the potential benefits of this development. In order to capitalize on this vast market and to drive India's industry, commerce, trade and tourism, the Department of Industrial Policy & Promotion has taken the initiative to develop a State-of-The-Art Exhibition-cum-Convention Centre at Delhi.