Economy

CCEA okays construction of nodes at Krishnapatnam and Tumakuru

Our Bureau New Delhi | Updated on December 30, 2020

Cabinet also gives nod for export of Akash Missile System

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved construction of industrial corridor nodes at Krishnapatnam in Andhra Pradesh and Tumakuru industrial area in Karnataka under the Chennai-Bengaluru Industrial Corridor (CBIC).

Multi-modal hub

This will kick start the development of the CBIC project. While the project cost for the Krishnapatnam industrial area would be ₹2,139.44 crore, the estimated cost for Tumakuru industrial area stood at ₹1,701.81 crore. The Multi Modal Logistics Hub and Multi Modal Transport Hub at Greater Noida in Uttar Pradesh was also approved by the CCEA with an estimated cost of ₹3,883.80 crore.

These proposals have total estimated cost of ₹7,725 crore and an estimated employment generation of more than 2.8 lakh persons. This will position India as a strong player in global value chains with developed land parcels in cities for immediate allotment for attracting investments, an official release said.

Missile export

The Cabinet also approved export of Akash Missile System and creation of a committee for faster approval of exports. Akash — a surface to air missile with a range of 25 kilometres — is the country’s important missile with over 96 per cent indigenisation.

This initiative of the Cabinet would help the country improve its defence products and make them globally competitive, an official release said.

Besides Akash, there is now increasing interest towards other major platforms like coastal surveillance system, radars and air platforms. To provide faster approvals for export of such platforms, a committee comprising the Defence Minister, External Affairs Minister and National Security Advisor has been created.

Indian missions

The Union Cabinet also approved the opening of three Indian Missions in Estonia, Paraguay and Dominican Republic in 2021.

MoU with Bhutan

The Union Cabinet has approved a Memorandum of Understanding with Bhutan on cooperation in the peaceful uses of outer space. This agreement was signed on November 19 by both sides at Bengaluru/Thimpu and exchanged, an official release said.

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Published on December 30, 2020
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