Cabinet approves Rs 1,000 crore venture capital fund for space startups

Modi Cabinet decisions: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday (October 24) took a list of important decisions, including setting up of Rs 1,000 crore venture capital for startups. The Cabinet Committee on Economic Affairs (CCEA) also approved two railway projects of the Ministry of Railways with a total estimated cost of around Rs 6.798 billion.

Here is the list of important decisions taken by the Modi cabinet today:

1. Rs 1,000 crore venture capital fund for space startups

The Union Cabinet has approved a Venture Capital Fund worth Rs 1,000 crore for space sector startups. The fund will invest in 30-35 space start-ups in two tranches; the first one will be Rs 5-10 billion, followed by Rs 10-60 billion in the later stage. Information and Broadcasting Minister Ashwini Vaishnaw said the fund will work under the aegis of the Indian National Space Promotion and Authorization Center (IN-SPACe) and will be operated in conjunction with the Indian Space Research Organization.

Benefits:

• Injecting capital that will create a multiplier effect by attracting additional financing for later stage development, thus instilling confidence in private investors.
• Retaining space companies based in India and countering the trend of Indian companies based abroad.
• Accelerate the growth of the private space industry to achieve the target of fivefold expansion of the Indian Space Economy in the next decade.
• Promote advances in space technology and strengthen India’s leadership through private sector participation.
• Increase global competitiveness.
• I support Atmanirbhar Bharat.

2. Amaravati railway line hub gets approval

The Union Cabinet has approved the construction of a new railway line connecting Amravati, the new capital of the state. The approved project requires a robust investment of 2.245 billion rupees, aimed at improving connectivity and boosting economic development in the region. “A new 57 km long line worth Rs 2,245 crore will be constructed to provide connectivity to Amaravati. For this, a new 3.2 km long bridge will be constructed over the Krishna river, which will be among the longest bridges in the world,” Indian Railway said. said Vaishnaw.

Amaravati will be connected to Bengaluru, Kolkata, Nagpur, Chennai, Hyderabad, New Delhi and other cities. The new capital will also have connectivity to Machilipatnam Port, Kakinada, Gangavaram and Krishnapatnam Ports.

• New railway line brings Amaravati to rail network
• Amravati’s direct rail connectivity with Hyderabad, Chennai and Kolkata
• Improved connectivity of Central and North India with South India
• Accessibility to religious places like Amaralingeswara Swamy Temple, Amaravati stupa, Dhyana Buddha statue and Undavalli Caves
• Connectivity to Machilipatnam Port, Krishnapatnam Port and Kakinada Port
• Construction of 3 km long bridge (53 X 61m) across Krishna River
• Project length: 57 km; Estimated Cost: Rs 2,245 crore
• Job creation: 19 lakh person days
• CO2 emissions reduced: 6 crore kg CO2 equivalent to planting 25 lakh trees

3. Railway project connecting Ayodhya and Sitamarhi

The Union Cabinet has given its nod to double the Narkatiaganj-Raxaul-Sitamarhi (Punaura Dham)-Darbhanga and Sitamarhi-Muzaffarpur sections covering 256 km, which will increase rail connectivity for pilgrims traveling between Ayodhya and Sitamarhi.

The doubling of Narkatiaganj-Raxaul-Sitamarhi-Darbhanga and Sitamarhi-Muzaffarpur Section will strengthen connectivity to Nepal, Northeast India and Border regions and facilitate movement of passenger trains along with freight train, leading to socio-economic growth of the region. The multi-track project will increase connectivity to two target Districts (Sitamarhi and Muzaffarpur) serving around 388 villages and a population of around 9 lakh.

• Doubling: Narkatiaganj-Raxaul – Sitamarhi – Darbhanga and Sitamarhi-Muzaffarpur
• Uttar Pradesh and North Bihar will benefit from doubling of 256 km railway line
• It lies close to and parallel to Nepal’s strategically important international border
• Vital to Indo-Nepal trade, connecting Inland Container Depot in Birgunj, Nepal
• Alternative connection to the Chicken Neck area between the Northern States and the Northeast
• Ayodhya to Sitamarhi (birthplace of Devi Sita), Kathmandu, Janakpur and Lumbini
• Preparation of food grains, fertilizers, cement, containers, etc. faster transportation.
• Project length: 256 km
• Estimated Cost: Rs 4,553 Cr
• Employment generation: 87 lakh person days.
• CO2 emission savings: 162 Cr Kg CO2, equivalent to planting 6.5 Cr trees