[ad_1]
The Cabinet on Wednesday approved two infrastructure projects- The port to be built in Maharashtra at a cost of Rs 76,220 crore will boost cross-border trade. The expansion of the airport in Varanasi, the parliamentary constituency of Prime Minister Narendra Modi, will cost Rs 2,869.65 crore.
After the meeting, Information and Broadcasting Minister Ashwini Vaishnav told reporters that it was also decided in the meeting to increase the minimum support price for Kharif crops and funds were approved for the Forensic University.
Also read: Food Processing Ministry to include reducing food wastage in supply chain in 100-day agenda
Vaishnav said the proposed “All Weather Greenfield Deepdraft Major Port” at Vadhavan in Maharashtra will be among the top 10 ports in the world.
The project will be implemented by Wadhawan Port Project Limited (VPPL), a company set up by Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board (MMB), with 74% and 26% stake respectively.
Roads, rail links, trade flows
The project cost includes land acquisition and construction of infrastructure. The government has also approved construction of roads between the port and national highways and establishing rail connectivity to the existing rail network. An official statement said the project will create a cumulative capacity of 298 million metric tonnes (MMT) per annum, including about 23.2 million TEU (twenty-foot equivalent) container handling capacity.
This will help in trade flow through the planned India Central East Europe Economic Corridor and create around one million jobs, the statement said.
Meanwhile, the Airports Authority of India (AAI) will develop the Lal Bahadur Shastri International Airport in Varanasi. This will increase its passenger handling capacity from the current 3.9 million passengers per year to 9.9 million passengers per year.
These decisions indicate that the NDA government will continue to make capital expenditure to build infrastructure in the country, which has a multiplier effect on the economy, and at the same time it will not hesitate to make revenue expenditure like price support to farmers to increase their income.
Also read: Cabinet approves hike in MSP of 14 Kharif crops for 2024-25 season
The Cabinet has approved the increase in the Minimum Support Price (MSP) of all 14 Kharif crops for the 2024-25 marketing season. This decision has been taken to ensure remunerative prices to farmers.
Wednesday’s decision will provide relief to farmers Vaishnav told that the government has announced Rs 2 trillion MSP. This is Rs 35,000 crore more than the support price given last season, the minister said in the briefing.
“The increase in MSP of kharif crops is in line with PM Modi’s third term vision of policy continuity to support farmers and increase their incomes,” Vaishnaw said.
For oilseeds like nigerseed and sesame, about 10 per cent higher MSP has been approved compared to last year. 983 and fixed at 632 8,717 and ₹9,267 per quintal.
An increase of about 10 percent in the MSP of pulses like toor or arhar has also been considered. 550 from last year ₹ 7,550 per quintal. This is significant as the government is trying to achieve self-sufficiency in pulses and oilseeds amid falling production.
The MSP of the main Kharif crop paddy has been increased. From 117 ₹ 2,300 per quintal for normal grade variety and Rs 2,320 for Grade A variety.
The increase in MSP for kharif crops is in line with the Union Budget 2018-19, in which the MSP was fixed at a level of at least 1.5 times the average cost of production. The margin expected by farmers over their cost of production is estimated to be the highest for bajra (77%), followed by tur (59%), maize (54%) and urad (52%). For the rest of the crops, the margin is estimated to be 50%, an official statement said.
The estimated cost of family labour is pitifully low, as it accounts for about 30% of paid costs and amounts to approximately USD 100 million. 325 rupees per quintal for paddy. In states, one earns 40-60 rupees more per hour From Rs 15,000 Agriculture expert and professor at the Institute for Advanced Studies in Complex Choice, Anil Sood, says, “Rs 20,000 is received per crop season for paddy. How can we expect the farmer to be able to meet even his basic needs with this income?”
In a major move to promote renewable energy capacity addition, the Cabinet has approved Viability Gap Funding (VGF) scheme for offshore wind energy projects with an outlay of Rs 1.5 crore. ₹7,453 crore, including outlay ₹6,853 crore for setting up and commissioning of 1 GW offshore wind power projects (500 MW each off the coast of Gujarat and Tamil Nadu), plus grants Rs 600 crore approved for upgradation of two ports to meet logistics requirements of offshore wind power projects.
VGF support from the government will reduce the cost of power from offshore wind power projects and make them viable for discoms to procure. While the projects will be set up by private developers selected through a bidding process, the power generation infrastructure, including offshore substations, will be built by Power Grid Corporation of India Limited (PGCIL).
Successful operation of 1 GW of offshore wind projects will generate around 3.72 billion units of renewable electricity annually, resulting in annual reduction of 2.98 million tonnes of CO2 emissions over a period of 25 years. Moreover, the scheme will not only accelerate offshore wind energy development in India but also lead to creation of the ecosystem required to complement India’s ocean-based economic activities. Vaishnav said India has the potential of 70 GW of offshore wind capacity. The move is in line with the government’s ambitious plan of 500 GW of non-fossil capacity by 2030.
Though the National Offshore Wind Energy Policy was notified in 2015, there has been no major development on this front so far, as these projects are highly capital intensive and the power generated through these projects will be expensive. The VGF is now expected to reduce the tariff of power generated through these offshore wind projects.
The Cabinet also approved a plan to enhance forensic infrastructure in the country with an outlay of Rs 20 lakh crore. 2254.43 crore till FY29.
In a single day, 36 million Indians chose us as India’s undisputed platform for General Election results. Check latest updates Here!
Get all the politics news and updates on Live Mint. Download Mint News App to get daily market updates and live business news.
more less
Published: June 19, 2024, 11:31 PM IST
[ad_2]
