The Union Cabinet Approves ₹22,791 Crore in Development Projects
In a significant move to boost economic growth and infrastructure development, the Union Cabinet has approved projects worth ₹22,791 crore. This includes a ₹1,500-crore UPI incentive for FY25, a new urea plant in Assam, a major highway project in Maharashtra, and revised dairy schemes aimed at enhancing productivity.
Boosting Digital Payments with UPI Incentives
The government has introduced an incentive scheme worth ₹1,500 crore to promote low-value BHIM-UPI transactions (under ₹2,000) for small merchants. This initiative aims to encourage digital payments and make them more accessible to everyday users. However, the payments industry has raised concerns about the adequacy of this incentive, suggesting it might impede ecosystem growth if not carefully balanced.
New Urea Plant in Assam
To address the growing demand for fertilizers in the North-eastern region and neighboring states, the government has approved the establishment of a ₹10,601 crore urea plant in Namrup, Assam. This project is expected to significantly enhance fertilizer production, supporting local agriculture and boosting crop yields.
Improving Highway Connectivity in Maharashtra
The Cabinet has also greenlit a ₹4,500 crore six-lane highway project from Chowk to Pagote. This initiative aims to improve port connectivity with the Jawaharlal Nehru Port Trust (JNPT), reducing logistics costs and facilitating smoother transportation of goods. A win-win for businesses and consumers alike!
Revised Dairy Schemes for Enhanced Production
To modernize dairy infrastructure, the government has allocated ₹2,970 crore for the revised National Programme for Dairy Development (NPDD) and ₹3,400 crore for the revised Rashtriya Gokul Mission. These initiatives are designed to enhance milk production and support dairy farmers across the country.
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The approval of these projects marks a crucial step towards strengthening India’s economic framework, ensuring that growth is not just a dream but a reality for all.
