The Union Cabinet has approved to a proposal from the Ministry of Shipping to provide credit of $150 million from EXIM Bank for the development of Chabahar Port in Iran.

A government release said here on Thursday that Chabahar Port lies outside the Persian Gulf in Iran and will help in expanding maritime commerce in the region.

“India is negotiating this project to facilitate the growing trade and investment with Iran and other countries in the region, notably Afghanistan and also to provide opportunities to Indian companies to penetrate and enhance their footprint in the region,” it added.

The Cabinet has authorised the Ministers of Finance, External Affairs and Shipping to approve the final contract with Iran and for resolution of any issue arising in implementation of the project.

The Shipping Ministry will form a company in Iran for implementing the Chabahar Port Development Project and related activities.

Tax pact with Maldives

The meeting, chaired by Prime Minister Narendra Modi, also approved an agreement between India and Maldives for the avoidance of double taxation of income from international air transport.

“The agreement provides for relief from double taxation for airline enterprises of India and Maldives by way of exemption of income derived by the enterprise of India from the operation of aircraft in international traffic, from Maldivian tax and vice-versa,” the Centre said in a release.

Atal Innovation Mission

In another decision, the Centre decided to establish Atal Innovation Mission (AIM) and Self Employment and Talent Utilisation (SETU) in NITI Aayog with appropriate manpower.

The Centre hoped that the its establishment will result in implementation of mission activities in a focussed manner.

“This would be a focal point for innovation and entrepreneurship in the country,” the government said.

The Cabinet was apprised about signing of an arrangement for the establishment of an Indo-French Joint Committee on Science and Technology Cooperation. India and France have signed the arrangement for establishment of this apex level Joint Committee on 25 January.

Science pact with France

Under the arrangement, the Joint Committee would identify, synergise and define priorities for Indo-French cooperation in science, technology and innovation aimed at achieving economic and social development through research, development and innovation.

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