Cabinet approves new measures to boost growth of road projects and fertiliser firms

The Cabinet has approved a slew of measures, including a one-time financial assistance for stalled road projects and a cash boost for fertiliser firms.

The measures approved by cabinet are discussed below: 

• The Cabinet has given its nod for one-time fund infusion to revive stressed national highway projects. The incentive will be extended to such projects on BOT mode.
• The projects where construction has been 50 per cent completed till November 2014 will be eligible for this one-time financial assistance.
• The Cabinet said yes to a special banking arrangement for a loan of Rs 7,000 crore with the consortium of PSBs led by SBI and PNB for settlement of outstanding indigenous urea subsidy bills of fertilizer companies in 2014-15.
• The Cabinet gave its approval for extending the existing productivity-linked reward for port and dock employees for payment of Productivity-Linked Reward from 2014-15 to 2015-16.
• The Cabinet okayed construction of 13,072 houses and 113 barracks of various types at 68 locations of the Central Industrial Security Force (CISF), Central Reserve Police Force (CRPF) and Indo-Tibetan Border Police (ITBP) during 12th Five-Year Plan (2012-2017). This will be at an estimated cost of Rs 3090.98 crore.
• The Cabinet approved the revised cost estimate of Rs 2,904.04 crore for the Kaladan Multi Modal Transit Transport Project in Myanmar. The project will provide an alternate access route to the North-East and contribute towards the region’s economic development.
• The Cabinet approved the recommendations of the Committee of Secretaries to regularize the 2007 Pay Revision implemented by Coal India with effect from 01.01.2007 in loss-making subsidiaries. This is being allowed as a special dispensation to CIL.

Source: Economic Times