The Cabinet approved a proposal to redevelop Pragati Maidan by setting up a world class Integrated Exhibition-cum-Convention Centre (IECC) at a total cost of ₹2,254 crore. Pragati Maidan of India Trade Promotion Organisation (ITPO) is a Mini Ratna Company under the Department of Commerce. The ITPO will utilise ₹1,200 crore out of its free reserves towards funding of the project. It will raise institutional loan / soft loan / external aid / land monetization for the balance amount of ₹1,054 crore with government guarantee for the amount of institutional loan, an official statement said. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi granted approval for the redevelopment of Pragati Maidan, which is envisaged in two phases. — Special Correspondent
