New Delhi, Sep 29 (UNI) The Union Cabinet on Wednesday approved Rs 1.31 lakh crore PM POSHAN scheme besides clearing Rs 4,400 crore additional fund infusion in Export Credit Guarantee Corporation Ltd (ECGC) for providing insurance support to exporters.
The Cabinet chaired by Prime Minister Narendra Modi also approved two line-doubling projects one each in Madhya Pradesh and Gujarat with an estimated cost of Rs 2,200 crore to boost railway infrastructure in the country.
Briefing the media after the Cabinet meeting, Information and Broadcasting Minister Anurag Thakur said that PM POSHAN would ensure nutritious food for crores of poor children studying in government schools. He said that the new scheme would subsume the National Scheme for Mid Day Meal in schools.
Commerce and Industry Minister Piyush Goyal shared the details of the capital infusion in ECGC noting that small exporters would be immensely benefitted from the decision.
The move is expected to create 59 lakh new jobs including 2.6 lakh in formal sector.
Goyal said that ECGC would be listed on the stock exchange through the Initial Public Offer (IPO).
Cabinet also approved continuation of the National Export Insurance Account (NEIA) scheme and infusion of Rs 1,650 crore Grant-in-Aid over 5 years. The decision is expected to enable NEIA support project exports worth up to Rs 33,000 crore.
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