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Tuesday, October 26, 2021

Cabinet clears doubling of Nimach-Ratlam railway line worth Rs 1,095.88 crore

Briefing the media on the key decisions taken by the Cabinet, Union Minister Anurag Thakur said that the doubling of Nimach-Ratlam and Rajkot-Kanalus railway lines will benefit passengers as well as the entire industrial belt.

By: Express Web Desk | New Delhi |
Updated: September 29, 2021 5:06:37 pm
Anurag Thakur, Anurag Thakur Cabinet briefingNew Delhi: Union Minister Anurag Thakur addresses media on cabinet decisions, at National Media Centre in New Delhi, Wednesday, Sept. 8, 2021. (PTI Photo)

The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the doubling of the Nimach-Ratlam railway line at a total estimated cost of Rs 1,095.88 crore, Union Minister Anurag Thakur announced.

Briefing the media on the key decisions taken by the Cabinet, Thakur said that the doubling of Nimach-Ratlam and Rajkot-Kanalus railway lines will benefit passengers as well as the entire industrial belt.

Here’s are the key cabinet decisions:

1. Cabinet approves doubling of Nimach-Ratlam and Rajkot-Kanalus railway line

– The Cabinet approved the doubling of the Nimach-Ratlam railway line at a total estimated cost of Rs 1,095.88 crore: Union Minister Anurag Thakur announced.

– The total length of doubling of the Nimach-Ratlam railway line is 132.92 km. The project will be completed in four years.

– The total estimated cost of the doubling Rajkot-Kanalus railway project will be Rs 1,080.58 crore. The total length of the doubling of line is 111.20 km. The project will be completed in four years.

– Doubling of Nimach-Ratlam and Rajkot-Kanalus railway lines will benefit passengers as well as the entire industrial belt, Thakur said.

2. Cabinet approves listing of Export Credit Guarantee Corporation (ECGC) on stock exchanges

– The Cabinet also approved the listing of Export Credit Guarantee Corporation Ltd. (ECCG), an unlisted CPSE, on the stock exchange, Commerce Minister Piyush Goyal said.

– He added that Rs 4,400 crore will be invested in ECGC Ltd in five years beginning from the financial year 2021-22 to provide support to exporters as well as banks.

– The proposed listing of ECGC would unlock the true value of the company, promote ‘people’s ownership’ by encouraging public participation in the equity holding of the company and also promote corporate governance through transparency and greater accountability, the government said in a statement.

– Listing may enable ECGC to mobilise fresh capital from the market either through the same IPO or subsequently through a follow-on public offer (FPO) and thereby help in increasing the Maximum Liability cover for it.

3. Cabinet approves continuation of National Export Insurance Account (NEIA) scheme

– The Cabinet approved the continuation of the National Export Insurance Account (NEIA) scheme and announced an infusion of Rs 1,650 crore grant-in-aid over five years from FY 2021-2022 to FY 2025-2026, Goyal said.

– The capital infusion in NEIA Trust will help the Indian Project Exporters (IPE) to tap the huge potential of project exports in focus market. Support to project exports with Indian content sourced from across the country will enhance the manufacturing in India, the government said in a release.

4. Government to launch new scheme ‘Pradhan Mantri Poshan Shakti Nirman’

– A new scheme called ‘Pradhan Mantri Poshan Shakti Nirman’ will be launched by the government, to provide nutritious food to crores of school-going children, Thakur said.

– The scheme costing Rs 1.31 lakh crore to run for five years, he informed.

– This is a centrally-sponsored scheme that covers all school children studying in Classes I-VIII of government, government-aided schools. The earlier name of the scheme was ‘National Scheme for Mid Day Meal in Schools’ popularly known as Mid Day Meal Scheme, a government statement said.

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