New Delhi: The cabinet took three major decisions on Thursday. In this, one decision is related to startups working in the field of space. Two decisions are related to the railway project. It was decided in the cabinet that a venture capital fund of Rs 1000 crore will be created for the space sector under IN-SPACe. With this fund, startups working in the space sector will be promoted. This fund will be spent in 5 years.
Rs 150 to 250 crore will be used every year from this fund. Rs 150 crore will be used in the financial year 2025-26 and thereafter Rs 250-250 crore will be used from this fund. This fund will help about 40 such startups which will work in space.
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Approval was also given on two railway projects
Apart from this, other decisions were also taken in the cabinet. In this meeting chaired by Prime Minister Narendra Modi, two projects for Railways were also approved. The cost of these projects is around Rs 6798 crore.
The first project among these is the line between Narkatiaganj and Muzaffarpur in Bihar. This 256 km long line will be doubled. By expanding this section, it will reach the border area of Nepal.
The second project is to lay a new railway line. This railway line will start between Yerrupalem in Telangana and Nambur in Andhra Pradesh. This 57 km long line will pass through Amravati.
Projects will be completed in 5 years
Both these railway projects will be completed in 5 years. Their completion will not only ease connectivity, but will also reduce logistics costs, reduce oil imports and also reduce carbon dioxide emissions.
21 lakh people will get benefits
Both these railway projects will pass through 8 districts of three states. These states include Andhra Pradesh, Telangana and Bihar. With the completion of these projects, the railway network will increase by about 313 km. About 21 lakh people will benefit from this.