Union Cabinet approves construction of 780 kilometer of green highways in four states

Union Cabinet has approved a proposal for the construction of 780 kilometer of green highways at a cost of 7,660 crore rupees.

Briefing media, Union Minister Prakash Javadekar said the project pertains to rehabilitation and upgradation of various National Highways in four states, Himachal Pradesh, Rajasthan, Uttar Pradesh and Andhra Pradesh.

Union Cabinet also approved reconstruction scheme for Yes Bank. Finance Minister Nirmala Sitharaman said SBI will invest 49 per cent equity in Yes Bank with other investors also being invited. She said, the moratorium on withdrawals from Yes bank will be lifted within 3 days of notification of the reconstruction scheme.

The Cabinet Committee on Economic Affairs (CCEA) has given its approval for introducing the Scheme for Remission of Duties and Taxes on Exported Products. Under it a mechanism would be created for reimbursement of



taxes or duties or levies, at the central, state and local level, which are currently not being refunded under any other mechanism, but are incurred in the process of manufacture and distribution of exported products. Briefing media, Commerce Minister Piyush Goyal said, the scheme will give a boost to the domestic industry and Indian exports providing a level playing field in the International market.

The Cabinet Committee on Economic Affairs, also gave its approval to the proposal of Department of Fertilizers to remove anomalies in the Modified New Pricing Scheme -III for determination of fixed costs for urea units. Under it additional fixed cost of 350 rupees per Tonne will be given to 30 urea manufacturing units.

Urea units which are more than 30 years old and are converted to gas will get special compensation of 150 rupees per tonne.