Cabinet approves six railway projects worth over Rs 12 thousand crore

The Cabinet Committee on Economic Affairs approved six projects of the Railway Ministry on 8 February 2024. The estimated cost of these six projects is approximately Rs 12,343 crores.

• Apart from this, the Union Cabinet has also approved auctions in eight spectrum bands. Its base price has been kept at Rs 96,317.65 crores.
• The projects approved by the committee headed by Prime Minister Narendra Modi will be funded by the central government.

For which states is the new rail project?

• Six 'Multi Track' projects worth Rs 12,343 crores will be set up mainly in six states namely:
  • Rajasthan
  • Assam
  • Telangana
  • Gujarat
  • Andhra Pradesh
  • Nagaland.
• Covering 18 districts in six states, these projects will expand the existing network of Indian Railways by 1,020 km.

Benefits of these projects:

• These projects are in line with Prime Minister Modi's vision of 'New India'.
• It will make the local people self-reliant through comprehensive development in the area.
• This will increase their employment/self-employment opportunities.
• These projects will ease rail operations and reduce congestion. Also, necessary infrastructural development will take place on the busiest sections of Indian Railways.
• These projects will improve commerce as well as connectivity.

Government approves auction in spectrum band:

• The Cabinet approved auction in eight spectrum bands for mobile phone services worth Rs 96,317.65 crore on February 8, 2024. According to Information and Broadcasting Minister Anurag Thakur, the Cabinet has approved the interim allocation to telecom operators.

Spectrum expires in 2024:

• Spectrum held by some telecom companies going through the bankruptcy process will also be put up for sale in this auction. The duration of this spectrum is ending this year.
• All available spectrum in 800, 900, 1800, 2100, 2300, 2500, 3300 MHz and 26 GHz bands will be put up for auction.
• This Cabinet approval has come just a day before the expiry of Bharti Airtel's spectrum in five circles.

Government announces Rs 6,000 crores in three different sectors:

• The government has announced a scheme of Rs 6,000 crores in three different sectors on 8 February 2024. Mainly among these: 
  • Formalizing the unorganized fishing sector
  • To provide institutional finance facilities to micro and small enterprises
  • Promotion of aquaculture insurance.
• 'Fisheries Infrastructure Development Fund' (FIDF) has been constituted with a budgetary support of Rs 939.48 crores. The government has increased the already sanctioned fund of Rs 7,522.48 crores for this.
• It has also been decided to extend FIDF for the next three years till the financial year 2025-26.
• The expansion of FIDF by the Cabinet will ensure better credit access for people in the fisheries sector and promote creation of related infrastructure.