The government has approved a proposal to extend the scheme of interest subsidy of one percent on housing loans upto 15 lakh rupees for the year 2012-13.
A budgetary provision of four hundred crore rupees has been made for financial year 2012-13 for implementing the scheme. However, the cost of the house should not be exceed 25 lakh rupees.
The Union Cabinet chaired by Prime Minister Dr Manmohan Singh also gave its nod to the proposal to offer financial support for the development of Electronics Manufacturing Clusters, EMCs.
Briefing the decisions of the Cabinet to reporters in New Delhi on Wednesday, Home Minister P.Chidambaram said that EMC Scheme is aimed at providing world-class infrastructure for attracting investments in the Electronics Systems Design and Manufacturing Sector.
Nearly 28 million persons are expected to be employed, directly or indirectly for this sector which covers all States and districts.
Mr. Chidambaram said that the construction of Additional office Complex for the Supreme Court of India has also been sanctioned by the Cabinet. According to the approval Additional Office complex will be constructed on the adjoining Pragati Maidan land at an estimated cost of 884 crore 30 lakh rupees.
It will facilitate planned and segregated movement of various stake holders and users.
Non judiciary and litigants waiting hall and lawyers offices will be constructed in the Additional Office Complex.
The Cabinet also approved the proposal for Kochi Metro Rail Project. It will improve the public transport system of Kochi. The total cost of the project is 5181.79 crore rupees.
The Cabinet Committee on Economic Affairs, CCEA has approved the export of 2 million tonnes of wheat from the Central Pool stocks. It has also decided to set up an Empowered Committee under the chairmanship of Commerce Secretary.
The CCEA has also approved the proposal of the Department of Fertilizers for reimbursement of freights for distribution of Phosphatic and Potassic fertilizers under the Nutrient Based Subsidy Policy. This will ensure equitable prices of these fertilizers across all regions.
The CCEA also gave its nod to the proposal of Tamilnadu government to set up a Petroleum Chemicals and petrochemicals investment region, PCPIR in the Cuddalore and Nagapattinam districts of the State. Such PCPIRs have already been approved for Andhra Pradesh, Gujarat, West Bengal and Odisha.
In Tamilnadu a total investment of more than 92 thousand crore rupees is expected in the PCPIR.The CCEA also approved the proposal of the Department of Telecommunications regarding acquisition of 60 percent shares of TCIL Saudi Co. Ltd. from NESMA Group to make it a cent percent owned subsidiary company of Telecommunications Consultants India Ltd, .TCIL. The investment will be done from TCIL’s internal resources.
