The Union Cabinet on Wednesday approved the formation of Joint Venture (JV) companies with Railways and States to fast track infrastructure projects. The Cabinet also discussed the Civil Nuclear Agreement with Australia, signed last month, and approved certain administrative arrangements for the successful implementation of the accord.
This apart, the Cabinet Committee on Economic Affairs (CCEA), on its part, approved a `5000-crore subsidy package for promoting the project on installation of solar panels on roof top.
Cabinet also cleared several MoUs with several countries in various fields including tax info exchange, IT and electronics, recycling construction waste, education and conservation of migratory birds. The tax pacts were with Maldives and Slovenia, IT and electronic MoU was with Jordan, education pact with Canada and recycling conservation pact with Norway were the agreements approved by the Cabinet.
The JVs with Railways and the States envisage financial participation of the states as well as faster decision making process to ensure speedy implementation of rail projects in respective States. The companies would be formed with equity participation of Railways and concerned State Governments, according to a release.
Each Joint Venture would have an initial paid up Capital of `100 crore based on the quantum of projects to be undertaken. Further infusion of fund/equity for the purpose of the projects would be done after approval of the project and its funding at appropriate competent authority. Joint Venture can also form project specific special purpose vehicles with equity holding by other stakeholders like banks, ports, public sector undertakings, mining companies, etc.
“The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi took note of the administrative arrangements for implementing the India-Australia Civil Nuclear Cooperation Agreement that came into force on 13th November, 2015. The fuel supply arrangements with Australia will bolster energy security by supporting the expansion of nuclear power in India.
“Under Prime Minister Narendra Modi’s leadership the year 2015 has seen major achievements in the field of civil nuclear cooperation. The reaching of agreement on a bilateral civil nuclear cooperation agreement with Japan during Prime Minister Abe’s visit to India on December 12, 2015 brought to a close five years of negotiation on this issue. This path breaking development was made possible by strong engagement at the level of leaders,” said government in statement after Cabinet discussed the agreement with Australia.
In a bid to increase the use of clean energy, the Cabinet decided to scale up by nearly 10-fold the financial assistance for grid connected rooftop and small solar power plants programme to `5,000 crore.
“The Cabinet Committee on Economic Affairs has approved the scaling up of budget from `600 crore to `5,000 crore for implementation of Grid Connected Rooftops systems over a period of five years upto 2019-20 under National Solar Mission (NSM),” an official statem
ent said.
Cabinet also gave its approval for signing an MoU for conservation of migratory birds of prey in Africa and Eurasia, which will help India gain knowledge in effectively managing the habitats of these raptors.
The MoU which is also called the ‘Raptor MOU’ that extends its coverage to 76 species of birds of prey out of which 46 species, including vultures, falcons, eagles, owls, hawks, kites and harriers also are found in India. India will become the 54th signatory to the MOU.
