Union Cabinet approves doubling of Nimach-Ratlam railway line

New Delhi, Sep 29: The Union Cabinet has approved the doubling of Nimach-Ratlam railway line at a total estimated cost of Rs 1,095.88 crore. The doubling of Nimach-Ratlam and Rajkot-Kanalus railway lines will benefit passengers as well as the entire industrial belt.

The Cabinet also approved Rs. 4,400 crore investment in ECGC Ltd. in 5 years to provide support to exporters as well as banks; move to help create 59 lakh new jobs including 2.6 lakh in formal sector.

The Cabinet also approved the listing of Export Credit Guarantee Corporation Ltd. through the Initial Public Offer on the stock Exchange.

The Cabinet also approved the continuation of the National Export Insurance Account (NEIA) scheme and infusion of Rs.1,650 crore Grant-in-Aid over 5 years; Move to enable NEIA support project exports worth up to Rs 33,000 Crore.

The Cabinet approved the continuation of PMPOSHAN for five years with a financial outlay of Rs.54 thousand crore from the Central Government and Rs.31 thousand crore from State Governments and UT administrations.