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Cabinet approves construction of 540 Megawatt Kwar Hydro Electric project through M/s. Chenab valley Power Projects Private Limited
The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi on 27th April has approved the investment of Rs.4526.12 crore for 540 Megawatt (MW) Kwar Hydro Electric Project located on river Chenab, in Kishtwar district of Union Territory of Jammy and Kashmir. The project will be implemented by M/s. Chenab Valley Power Projects Private Limited (M/s. CVPPL) a joint venture company between NHPC and JKSPDC with equity contribution of 51% and 49% respectively on 27.04.2022.
The project shall generate 1975.54 million units in a 90% dependable year. Government of India is extending grant of Rs.69.80 crore towards cost of Enabling Infrastructure and also supporting the Union Territory of Jammu & Kashmir by providing grant of Rs.655.08 crore for Equity contribution of JKSPDC (49%) in M/s. CVPPPL. NHPC shall invest its equity (51%) of Rs.681.82 crore from its internal resources. The Kwar Hydro Electric Project shall be commissioned with a span of 54 months. The Power generated from the Project will help in balancing of Grid and will improve the power supply position.
Cabinet approves continuation of Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) till December 2024
The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi, on 27th April has approved the continuation of lending under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) beyond March 2022 till December 2024, with focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families.
Through the Scheme, affordable collateral-free loans are being facilitated to the Street Vendors. The Scheme had envisaged to facilitate loans for an amount of Rs. 5,000 crore. Today’s approval has increased the loan amount to Rs. 8,100 crore, thereby providing the Street vendors working capital to further expand their business and making them AtmaNirbhar.
The budget for promotion of digital payments including cashback to the vendors has also been enhanced.The approval is expected to benefit nearly 1.2 crore citizens of Urban India.
Under PM SVANidhi, significant achievements have already been made. As on April 25, 2022, 31.9 lakh loans have been sanctioned and 29.6 lakh loans amounting to Rs. 2,931 crore have been disbursed. As regards 2nd loan, 2.3 lakh loans have been sanctioned and 1.9 lakh loans amounting to Rs.385 crore have been disbursed. The beneficiary Street Vendors have conducted more than 13.5 crore digital transactions and have been given a cashback of Rs.10 crore. An amount of Rs.51 crore has been paid as Interest Subsidy
Cabinet approves Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for Kharif Season
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi on 27th April has approved the proposal of the Department of Fertilizers for Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for Kharif Season – 2022 (from 01.04.2022 to 30.09.2022).
Subsidy approved by Cabinet for the NBS Kharif-2022 (from 01.04.2022 to 30.09.2022) will be Rs. 60,939.23 Crores including support for indigenous fertilizer (SSP) through freight subsidy and additional support for indigenous manufacturing and imports of DAP.
The increase in the international prices of Di-ammonium phosphate (DAP) and its raw materials have been primarily absorbed by the Union Government. The Union Government has decided to provide subsidy of Rs. 2501 per bag on DAP instead of existing subsidy of Rs.1650 per bag which is a 50% increase over the last year’s subsidy rates. The increase in the prices of DAP & its raw material is in the range of approx. 80%. It will help farmers to receive notified P&K fertilizers on subsidized, affordable and reasonable rates and support the agriculture sector.
Cabinet approves opening of Indian Mission in Lithuania
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi on 27th April has accorded approval to the opening of a new Indian Mission in Lithuania in 2022.
Opening of Indian Mission in Lithuania will help expand India’s diplomatic footprint, deepen political relations and strategic cooperation, enable growth of bilateral trade, investment and economic engagements, facilitate stronger people-to-people contacts, allow for more sustained political outreach in multilateral fora and help garner support for India’s foreign policy objectives. Indian Mission in Lithuania will also better assist the Indian community and protect their interests.
Cabinet approves revised cost estimate on “Setting up of India Post Payments Bank”
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi on 27th April has approved the revision of project outlay for setting up of India Post Payments Bank (IPPB) from Rs.1435 crore to Rs.2255 crore as equity infusion to meet regulatory requirement. The Cabinet also granted in principle approval for future fund infusion to the tune of Rs.500 crore for meeting regulatory requirements and technological upgradation.
The objective of the project is to build the most accessible, affordable and trusted bank for the common man; spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the under banked populace through assisted doorstep banking. The project supplement Government of India’s vision of “less cash” economy and at the same time promote both economic growth and financial inclusion.
India Post Payments Bank did a nationwide a launch by on September 1, 2018 with 650 branches/controlling offices. IPPB has enable 1.36 lakh Post Offices to provide banking services and has equipped nearly 1.89 lakh Postmen and Gramin Dak Sevaks with smartphone and biometric device to provide doorstep banking services.
Cabinet approves signing of the MoU between India and Chile for cooperation in Disability Sector
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi on 27th April has approved the signing of the Memorandum of Understanding between India and Chile for cooperation in Disability Sector.
The bilateral MoU will encourage cooperation between the Department of Empowerment of Persons with Disabilities, Government of India and Government of Chile through joint initiatives in the disabilities sector. It will strengthen bilateral ties between India and Chile. India Chile relations are warm and friendly based on commonality of views on a wide range of issues.
Cabinet approves upgradation of 2G mobile sites to 4G at security sites in Left Wing Extremism (LWE) areas
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi on 27th April has approved a Universal Service Obligation Fund (USOF) project for upgrading 2G mobile services to 4G at security sites in LWE areas.
The Project envisages upgrading 2,343 left Wing Extremism Phase-I sites from 2G to 4G mobile services at an estimated cost of Rs.1,884.59 crore (Excluding taxes and levies). This includes O&M for five years. However, BSNL will maintain the sites for another five years at its own cost. The work will be awarded to BSNL because these sites belong to BSNL.