The Cabinet Committee on Economic Affairs (CCEA) today approved two rail projects with an estimated cost of 6,798 crore rupees to provide connectivity, facilitate ease of travel, and minimize logistics costs. The first project involves the doubling of the railway line from Narkatiaganj to Raxaul, Sitamarhi, and Darbhanga, as well as the Sitamarhi-Muzaffarpur section, covering 256 kilometres in Bihar. This project will strengthen connectivity to Nepal, Northeast India, and border areas, facilitating the movement of passenger trains alongside goods trains, and resulting in the socio-economic growth of the region.
Briefing the media in New Delhi after the Union Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said that the doubling of the railway line in Bihar has been approved for four thousand 453 crore rupees. The project will connect Ayodhya to Sitamarhi, Kathmandu, Janakpur, and Lumbini. Mr. Vaishnaw added that the project will generate 87 lakh human days of employment.
Mr Vaishnaw also informed that the CCEA has given its nod to a new railway line for Amaravati, which is the new capital city of Andhra Pradesh. He said a new railway line will be constructed between Errupalem and Namburu via Amaravati, covering 57 kilometres. He mentioned that the new rail line project, Errupalem-Amaravati-Namburu, traverses through NTR Vijayawada and Guntur districts of Andhra Pradesh and Khammam district of Telangana. He informed that the estimated cost of this project is 2 thousand 245 crore rupees and will provide direct rail connectivity to Hyderabad, Chennai and Kolkata. Mr Vaishnaw added that a 3.2-kilometre-long new railway bridge will also be constructed on River Krishna. He added that the project will create 19 lakh 19 lakh human days employment.
Union Cabinet has approved the setting up of a 1000 crore rupees Venture Capital Fund dedicated to the space sector. The deployment period of the proposed Venture Capital Fund is planned to be up to five years from the actual date of the start of the fund operations. Briefing media in New Delhi today, Information and Broadcasting Minister Ashwini Vaishnaw said that the fund will promote startups in the space sector. He added that the average deployment amount could be 150 to 250 crore rupees per year, depending on the investment opportunities and fund requirements. He added that the fund is strategically designed to advance India’s space sector, aligning with national priorities and fostering innovation and economic growth. Mr Vaishnaw said that over about ten years, funds will be provided to 30 to 35 space startups under it.
