Centre clears ₹56,415 crore to 16 States for capital investment under special assistance scheme
The Hindu
The Ministry of Finance has approved capital investment proposals of ₹56,415 crore for 16 States in the current financial year under a special assistance scheme announced in the Budget.
The Ministry of Finance has approved capital investment proposals of ₹56,415 crore for 16 States in the current financial year under a special assistance scheme announced in the Budget.
In order to boost capital spending by States, the 'Special Assistance to States for Capital Investment 2023-24' scheme was announced in the Union Budget 2023-24. Under the scheme, special assistance is being provided to the States in the form of a 50-year interest-free loan up to an overall sum of ₹1.3 lakh crore during the financial year 2023-24.
The Department of Expenditure has approved capital investment proposals of ₹56,415 crore to 16 States in the current financial year under the ‘Special Assistance to States for Capital Investment 2023-24’ scheme, a Finance Ministry statement said.
Capital investment projects in diverse sectors have been approved, including health, education, irrigation, water supply, power, roads, bridges, and railways.
Funds for meeting the State share of Jal Jeevan Mission and Pradhan Mantri Gram Sadak Yojana have also been provided to the States under this scheme to enhance the pace of the projects in these sectors.
A similar scheme titled 'Special Assistance to States for Capital Investment for 2022-23' was also executed by the Finance Ministry in the last financial year. Under the scheme, capital investment proposals of ₹95,147.19 crore were approved and an amount of ₹81,195.35 crore was released to the States in the last financial year.
The scheme for financial assistance to States for capital investment/expenditure, first instituted by the Ministry of Finance in 2020-21 in the wake of the COVID-19 pandemic, has given a very timely boost to capital spending by States.
Silver prices plunge 9% to ₹2.06 lakh per kg in futures trade amid weak global cues and rising macroeconomic pressures.
OpenAI plans to nearly double its workforce to 8,000 from 4,500 by the end of 2026, the Financial Times reported on Saturday, citing two people with knowledge
Global equity markets plummet as West Asia tensions rise and oil prices surge, triggering significant investor anxiety.
The rupee hits a record low of 93.94 against the dollar amid foreign fund outflows and a crashing equity market.
The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said
Meta Chief Executive Mark Zuckerberg is building a CEO agent to help him do his job, the Wall Street Journal reported
Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
L&T confirms 95% of its West Asia project sites are safe, while addressing logistics challenges amid ongoing regional conflicts.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
HDFC Bank terminates three senior officials over client onboarding issues at its DIFC branch amid ethical concerns following chairman's resignation.