Modi Cabinet decisions: The Union Cabinet chaired by Prime Minister Narendra Modi on Thursday (October 24) took a list of key decisions including setting up a Rs 1,000 crore venture capital for startups. The Cabinet Committee on Economic Affairs (CCEA) also approved two railway projects from the Ministry of Railways, with a total estimated cost of approximately Rs 6,798 crore.
List of key decisions taken by Modi cabinet today:
1. Rs 1000 crore venture capital fund for space startups
The Union Cabinet approved a Venture Capital Fund worth Rs 1,000 crore for the space sector startups. The fund will invest in 30-35 space start-ups in two tranches – the first of Rs 5-10 crore followed by Rs 10-60 crore at a later stage. The fund will function under the aegis of the Indian National Space Promotion and Authorization Centre (IN-SPACe) and will be operated along with the Indian Space Research Organisation, said Information and Broadcasting Minister Ashwini Vaishnaw.
Benefits:
- Capital infusion to create a multiplier effect by attracting additional funding for later-stage development, thereby instilling confidence in private investors.
- Retention of space companies domiciled within India & countering the trend of Indian companies domiciling abroad.
- Accelerate private space industry’s growth to meet the goal of a five-fold expansion of the Indian Space Economy in next ten years.
- Drive advancements in space technology and strengthening India’s leadership through private sector participation.
- Boost global competitiveness.
- Supporting Atmanirbhar Bharat.
2. Amaravati rail line gets Central nod
The Union Cabinet approved the construction of a new railway line linking the state's new capital Amravati. The approved project entails a robust investment of Rs 2,245 crore, aimed at improving connectivity and boosting economic development in the region. "To provide connectivity to Amaravati, a new 57-km-long line worth Rs 2,245 crore will be constructed. For this, a 3.2-km-long new bridge will be constructed on the Krishna river which will be among the longest bridges of the Indian Railway," Vaishnaw said.
Amaravati would be connected with Bengaluru, Kolkata, Nagpur, Chennai, Hyderabad, New Delhi and other cities. The new capital would also have connectivity to Machilipatnam Port, Kakinada, Gangavaram and Krishnapatnam Ports.
- New rail line brings Amaravati on railway network
- Direct rail connectivity of Amravati with Hyderabad, Chennai & Kolkata
- Improved connectivity of Central and Northern India with Southern India
- Accessibility to religious places such as Amaralingeswara Swamy Temple, Amaravati stupa, Dhyana Buddha statue and Undavalli Caves
- Connectivity to Machilipatnam Port, Krishnapatnam Port and Kakinada Port
- Construction of 3 km long bridge ( 53 X 61m) across Krishna River
- Project length: 57 km; Estimated Cost: Rs 2,245 crore
- Employment generation: 19 lakh human-days
- CO2 emissions saved: 6 crore kg CO2 equivalent to planting 25 lakh trees
3. Railway project connecting Ayodhya and Sitamarhi
Union Cabinet's nod to double the Narkatiaganj-Raxaul-Sitamarhi (Punaura Dham)-Darbhanga and Sitamarhi-Muzaffarpur sections covering 256 km which will enhance rail connectivity for pilgrims travelling between Ayodhya and Sitamarhi.
The doubling of Narkatiaganj-Raxaul-Sitamarhi-Darbhanga and Sitamarhi-Muzaffarpur Section will strengthen the connectivity to Nepal, North-east India and Border areas and facilitating movement of passenger trains along with goods train resulting in the socio-economic growth of the region. The multi-tracking project will enhance connectivity to two aspirational Districts (Sitamarhi and Muzaffarpur) serving approximately 388 villages and about 9 lakh population.
- Doubling: Narkatiaganj-Raxaul–Sitamarhi–Darbhanga and Sitamarhi-Muzaffarpur
- Uttar Pradesh and North Bihar will be benefitted by doubling of 256 km railway line
- Runs close and parallel to strategically important international border of Nepal
- Vital for Indo-Nepal trade, connects Inland Container Depot at Birgunj, Nepal
- Alternate connectivity to Chicken Neck region between Northern States & North-East
- Ayodhya to Sitamarhi (birthplace of Devi Sita), Kathmandu, Janakpur, and Lumbini
- Faster movement of foodgrains, fertilisers, cement, containers etc.
- Project length: 256 km
- Estimated Cost: Rs 4,553 Cr
- Employment generation: 87 lakh human-days.
- CO2 emissions saved: 162 Cr Kg CO2 equivalent to planting 6.5 Cr trees
