New Delhi, Mar 19 (UNI) The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the proposal for setting up of a new brownfield Ammonia-Urea Complex of 12.7 Lakh Metric Tonnes (LMT) annual capacity of urea production within the existing premises of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Namrup Assam, with an estimated total project cost of Rs 10,601.40 crore.
The tentative overall time schedule for commissioning of Namrup-IV Project is 48 months.
The project will be executed through a joint venture in which the Government of Assam will hold 40% stake.
"The project will increase the domestic Urea production capacity in the country especially in the North-Eastern region. It will meet the growing demand of Urea fertilizers of North East, Bihar, West Bengal, Eastern Uttar Pradesh, and Jharkhand," an official release said.
"The establishment of Namrup-IV unit will be more energy efficient. It will also open avenues for additional direct and indirect employment opportunity to the people of the area. It shall help achieve the vision of self-reliance in urea in the country," it further said.
The Union Cabinet also approved the ‘Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25.
"The incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) will be implemented at an estimated outlay of Rs 1,500 crore, from 01.04.2024 to 31.03.2025. Only the UPI (P2M) transactions upto 2,000 for Small Merchants are covered under the scheme," the government release said.
The Cabinet also approved the Revised Rashtriya Gokul Mission (RGM) with enhanced allocation for the years 2024-25 and 2025-26 to boost growth in the livestock sector.
"Implementation of revised RGM, as Central Sector component of Development Programmes scheme is being done with an additional outlay of Rs 1000 crore that is total outlay of Rs 3400 crore during 15th Finance Commission cycle from 2021-22 to 2025-26," the official release said.
The Cabinet Committee on Economic Affairs chaired by PM Modi also approved the construction of 6-lane access controlled Greenfield High Speed National Highway starting from JNPA Port (Pagote) to Chowk (29.219 km) in Maharashtra. The project will be developed on Build, Operate and Transfer (BOT) mode at a total capital cost of Rs 4500.62 crore.
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