Cabinet approves PM POSHAN 1.31 million rupee program, 4400 billion rupee capital infused into ECGC to provide export insurance
New Delhi, September 29th (UNI) The Union Cabinet on Wednesday approved a PM-POSHAN program worth 1.31 billion rupees and an additional 4,400 billion rupees to Export Credit Guarantee Corporation Ltd (ECGC) for the provision of insurance support released for exporters.
The cabinet, chaired by Prime Minister Narendra Modi, also approved two line doubling projects, one each in Madhya Pradesh and Gujarat, at an estimated cost of Rs.2.200 billion to improve the country’s rail infrastructure.
The Minister of Information and Broadcasting, Anurag Thakur, informed the media after the cabinet meeting that Prime Minister POSHAN would ensure nutritious food for crores of poor children studying in state schools. He said the new program would include the national school lunch program.
The Minister of Commerce and Industry, Piyush Goyal, shared the details of the capital injection in ECGC, noting that small exporters would benefit hugely from the decision.
The move is expected to create 59 lakh new jobs, including 2.6 lakh in the formal sector.
Goyal said that ECGC will go public as part of the Initial Public Offer (IPO).
Cabinet also approved the continuation of the National Export Insurance Account (NEIA) and the infusion of Rs 1,650 crore grant-in-aid over 5 years. The decision is expected to allow exports of NEIA support projects valued at up to Rs 33,000 crore.
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