New Delhi, 19 June The Union Cabinet, in its second meeting under the Narendra Modi government's third term, on Wednesday approved the ₹76,220 crore Vadhavan Port project in Maharashtra after months of deliberations.
This will be one of the largest port projects in India and is expected to serve as a gateway port for the upcoming India-Middle East-Europe Corridor (IMEC) and International North-South Transportation Corridor (INSTC).
The Cabinet also initiated the plan for the country's first set of offshore wind power projects by approving a viability gap funding (VGF) scheme of 7,453 crore. Other decisions include increasing the minimum support price for kharif crops in the range of 5 to 12.7 per cent.
"The Cabinet decision on developing a major port at Vadhavan in Maharashtra will boost economic progress and also create employment opportunities on a large scale," Modi said in a post on X.
The port will be constructed by Vadhavan Port Project Limited (VPPL), a special purpose vehicle formed by the Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board (MMB) with a shareholding of 74 per cent and 26 per cent, respectively.
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