New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi on Friday approved continuation of the existing Non Lapsable Central Pool of Resources (NLCPR) scheme till March 2020 with an outlay of Rs 5,300 crore.
The Centre funds 90 per cent of the pool while the states provide the remaining 10 percent.
Briefing the media of the Cabinet decisions, Union Law Minister Ravi Shankar Prasad said the extension would enable completion of ongoing projects.
The Cabinet also approved a new scheme for the North-East region called "North East Special Infrastructure Development Scheme (NESIDS)" to commence in 2017-18 with 100 per cent funding from the central government "to fill up the gaps in creation of infrastructure in specified sectors till March 2020", Prasad informed.
The new scheme will broadly cover creation of infrastructure, including water supply, power, connectivity and projects promoting tourism, apart from infrastructure for education and health.
"The assets to be created under the new scheme of NESIDS will not only strengthen healthcare and education facilities in the region but also encourage tourism and thereby employment opportunities for the local youth. The scheme will act as a catalyst in overall development of the region in the years to come," the minister said.
In a separate decision pertaining to North East, the Cabinet Committee on Economic Affairs (CCEA) approved capital investment subsidy amounting to Rs 264.67 crore to four industrial units located in the region, including Sikkim, under the Central Capital Investment Subsidy Scheme (CCISS), 2007 of the North East Industrial Investment and Promotion Policy (NEIIPP), 2007.
"The CCEA has also revised financial powers for approval of capital investment subsidy claims up to Rs 500 crore which will now be approved by the Ministry of Commerce and Industry. This will facilitate expeditious settlement of claims," he said.
The grant of subsidy to the industrial units will not only provide incentives to the operational units but also boost confidence of existing investors as well as potential investors in the states of the North-East region.
"The scheme is aimed at promoting industrialisation in the northeastern states," he said.
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Updated Date: Dec 15, 2017 21:02:48 IST