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Boost to exports, doubling of railway lines: Key decisions taken by Union Cabinet

NEW DELHI: The Union Cabinet on Wednesday took several key decisions to facilitate greater exports from the country. It also announced doubling of certain railway lines to improve connectivity.
After the Cabinet meeting that was chaired by Prime Minister Narendra Modi, Union ministers Piyush Goyal and Anurag Thakur briefed the media regarding all decisions taken.
Commerce and industry minister Piyush Goyal highlighted that India has recorded highest ever exports worth Rs 185 billion till September 21, 2021 in the current fiscal.
Key decisions taken by the Cabinet include:
Export sector
* State-owned Export Credit Guarantee Corp (ECGC) has been cleared for stock market listing.
* The govt will infuse Rs 4,400 crore additional capital into ECGC in the next 5 years beginning 2021-22. Infusion of Rs 500 crore will be done immediately.
* The listing of ECGC is likely to happen next year.
* Rs 1,650 crore will be infused in National Export Insurance Account (NEIA) scheme.
* The coverage under ECGC will be expanded to include export oriented industry particularly labour-intensive sector.
* Cabinet has approved doubling of two railway lines: Nimach- Ratlam and Rajkot-Kanalus
* Doubling of Nimach-Ratlam railway line has been approved at a total estimated cost of Rs 1,095.88 crore and Rajkot-Kanalus railway line at a total estimated cost of Rs 1,080.58 crore.
* The projects are scheduled to be completed in 4 years.
* The objective is to boost tourism, provide easy connectivity and socio-economic development of the regions.
* Union Cabinet also gave its nod to start PM POSHAN scheme to provide mid-day meal to students of more than 11.2 lakh govt and govt-aided schools across the country.
* The scheme will run for 5 years and Rs 1.31 lakh crore will be spent.
* PM POSHAN scheme will subsume the existing Midday Meal Scheme.
* The scheme will be run in partnership with state governments but the major contribution will be of the Centre.

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