Prime Minister Narendra Modi will launch the Coalition for Disaster Resilient Infrastructure (CDRI) at the upcoming United Nations Climate Summit in New York on September 23.
The Union Cabinet approved the proposal during its meeting on Wednesday.
India has pledged Rs 480 crore to the CDRI to help fund technical assistance and research projects, setting up of offices and covering recurring expenditures for the next five years under the initiative.
The proposal was initially approved by the Prime Minister on August 13 and aims to bring together the largest number of state heads to generate commitments to combat the effects of climate change and resulting disasters.
Its supporting secretariat will be set up in New Delhi. The memorandum and by-laws of the CDRI society will be prepared by the National Disaster Management Authority (NDMA).
“No additional financial implication will be required. The financial resources required to conduct research will be met from the existing budget and schemes of the National Medicinal Plants Board, Ministry of Aayush,” according a government statement.