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Five things cleared by Modi government today


The Union Cabinet on Wednesday has approved a slew of projects. The proposals that were cleared include :

1) Rs 81,459 crore revised estimate for East-West freight corridor

  • The Cabinet gave its approval for the revised cost estimate of Rs 81,459 crore for the Eastern and Western Dedicated Freight Corridor (DFC) Project, including land costs and financing plan.
  • The corridor will pass through Punjab, Haryana, Uttar Pradesh, Bihar, Jharkhand, West Bengal, Maharashtra, Gujarat and Rajasthan.
  • The revised cost estimate comprises construction cost of Rs 73,392 crore of the Eastern and Western DFC. The land acquisition cost will be Rs 8,067 crore.
  • This excludes the cost of the 534-km Sonnagar-Dankuni section proposed to be implemented through Public-Private Partnership (PPP) route.

2) Six new IIMs

  • The new IIMs, approved by the Cabinet, will be located at Vishakhapatnam (Andhra Pradesh), Bodh Gaya (Bihar), Sirmaur (Himachal Pradesh), Nagpur (Maharashtra), Sambalpur (Odisha) and Amritsar (Punjab).
  • These IIMs, which will begin functioning from temporary campuses, will commence their first academic session from 2015-16.
  • Each institute will start with an intake of 140 students in the Post Graduate Programme (PGP) courses. The annual intake may go up to 560 students each year by the end of seven years.

3) Solar boost

  • The Cabinet has allowed Solar Energy Corporation of India (SECI) to apply to the Registrar of Companies for (i) converting it into a Section 3 company under the Companies Act, 2013 and (ii) renaming it as the Renewable Energy Corporation of India (RECI).
  •  The Centre has decided to enlarge the scope of the activities of SECI to cover all renewable energy sources, with a view to provide a comprehensive and optimized solution for generation of renewable energy integrating various renewable energy sources.

4) Cooperation with Japan

  • A Memorandum of Cooperation (MoC) has been established between the Department of Industrial Policy & Promotion (DIPP) and the Japan Patent Office (JPO), Ministry of Economy, Trade and Industry, Japan.
  • The main purpose is to establish a framework for bilateral cooperation in the field of Industrial Property (IP), with emphasis on capacity building, human resource development and awareness generation.

5) Ore boost for Japan and South Korea

  • The Cabinet decided to renew Long Term Agreement with Japanese and South Korean Steel Mills for supply of high grade Indian iron ore, during the three-year period from April to March 2018.
  • The quantities covered under the agreement will be in the range of 3.8 million tonnes to 5.5 million tonnes per year, and will be supplied primarily from the mines of the National Mineral Development Corporation.
  • The contract will be executed by the Metals and Minerals Trading Corporation of India Limited under the Department of Commerce.

Source: ET


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