New Delhi: The Union Cabinet, on Wednesday (September 29), approved the doubling of two important railway lines at a total approximate cost of Rs 2175 crores. These two railway lines are Nimach-Ratlam and Rajkot-Kanalus.
The government will spend approximately Rs 1,095.88 crores for the doubling of the Nimach-Ratlam railway line while the cost of extension of the Rajkot-Kanalus railway line is expected to stand at about Rs 1,080.58 crores.
Union Minister Anurag Thakur took to Twitter to announce the cabinet decision. “Union Cabinet approves doubling of Nimach-Ratlam railway line at a total estimated cost of Rs 1,095.88 crores and Rajkot-Kanalus railway line at a total estimated cost of Rs 1,080.58 crores,” he said in a Tweet.
Soon after the announcement, the Ministry of Railways said that the doubling of the railway lines will enable faster train movement, more goods and passenger trains. All this will boost the economy, the ministry noted.
Currently, the Rajkot-Kanalus section is 111 km while the Nimach-Ratlam section is 133 km long. The ministry also noted that the extension will also generate direct employment while fueling the growth of the region.
Besides the extension of two railway lines, the Cabinet has also approved an investment of Rs 4,400 crore in Export Credit Guarantee Corporation (ECGC). The corpus will be invested in the state-owned organisation over a period of five years beginning 2021-22. Meanwhile, the Central government has also approved ECGC’s public market listing via an initial public offer.