Union Cabinet Announces Economic Decisions Worth Over ₹2.88-Lakh Crore
The Union Cabinet has approved economic measures totaling over ₹2.88-lakh crore, including an MSP hike for 14 Kharif crops, the expansion of Varanasi airport, and the establishment of a new major port at Vadhavan. These decisions, announced in the first Cabinet meeting after the allocation of portfolios to Union Ministers in the Modi government’s third term, aim to bolster various sectors and drive economic growth.
The Cabinet has raised the Minimum Support Price (MSP) for 14 Kharif crops for the marketing season 2024-25, with increases ranging from ₹117 to ₹983 per quintal. This move is projected to benefit farmers by approximately ₹2-lakh crore, based on procurement data. The government has considered inflation impacts and asserts that the hike will not significantly affect inflation rates.
An investment of over ₹2,800 crore has been approved for the expansion of Varanasi airport. The project includes a new terminal building, apron extension, runway extension, and a parallel taxi track. The expansion aims to increase the airport’s passenger handling capacity from 3.9 million to 9.9 million passengers per annum (MPPA), with the new terminal designed to handle 6 MPPA and 5,000 Peak Hour Passengers (PHP), reflecting the cultural heritage of Varanasi.
A major port will be developed at Vadhavan in Maharashtra’s Palghar District with a total project cost of ₹76,220 crore. This all-weather, Greenfield deep draft port is expected to become one of the top 10 ports globally upon completion.
The Cabinet has approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects with an outlay of ₹7,453 crore. This includes ₹6,853 crore for the installation and commissioning of 1 GW of offshore wind energy projects and ₹600 crore for upgrading ports to meet logistics needs.
To support the implementation of new criminal laws, the Cabinet has sanctioned the Central Sector Scheme “National Forensic Infrastructure Enhancement Scheme” with a financial outlay of ₹2,254.43 crore for 2024-25 to 2028-29. The Ministry of Home Affairs will provision this funding from its budget.
The Cabinet has approved ₹2 lakh crore in production-linked incentives for 10 sectors, including white goods manufacturing, pharmaceuticals, specialized steel, auto, telecom, textiles, food products, solar photovoltaic, and cell battery sectors. This initiative aims to boost domestic manufacturing and economic growth.
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