The Union Cabinet on Wednesday gave approval to form joint venture companies with state governments to mobilise resources for various rail infrastructure projects in a bid to give push to the infrastructure sector.
To improve connectivity between India and Myanmar, the Union Cabinet gave its nod for the construction of 69 bridges including approach roads on the Tamu-Kyigone-Kalewa (TKK) road section of the Trilateral Highway in Myanmar. It also cleared the setting up of a multi-modal park in Visakhapatnam.
In the railways joint venture, the Union Cabinet decided to limit the initial paid up capital of Ministry of Railways to Rs.50 crore for each state.
Rail projects The JVs are aimed at financial participation of the states as well as faster decision-making process to ensure speedy implementation of rail projects in respective states.
At present, many rail projects are delayed due to financial crunch.
In another move, the Union cabinet approved the exchange of Airports Authority of India’s (AAI) land measuring 11.45 acres at Visakhapatnam Airport with an equivalent area of land offered by Visakhapatnam Port Trust for setting up of Multi Modal Logistics Park (MMLP) by the Container Corporation of India (CONCOR) at Visakhapatnam.
Double taxation The Cabinet also approved the signing of a protocol to amend the convention between India and Slovenia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.
Further, the Cabinet Committee on Economic Affairs gave nod to the signing and ratification of an Agreement for the exchange of information between India and Maldives with respect to taxes.
