Uttar Pradesh Cabinet Approves 17.4 km Noida-Gr Noida Metro Extension, ET RealEstate
LUCKNOW: To boost urban connectivity, the Uttar Pradesh Cabinet on Friday approved the extension of Aqua Metro Line between Noida and Greater Noida. This would help ease traffic between Sector 51, Noida, and Knowledge Park-20 in Greater Noida.
UP finance minister Suresh Khanna said the extension would be 17.435 km long. The central and state govts will spend Rs 394 crore each on the project. The state govt will allocate 40% of the funds from Noida Authority and 60% from the Greater Noida Authority.
In addition to this, the Cabinet also gave clearance to a proposal to include 80 villages within the Kanpur Development Authority’s limits with the aim of a holistic development of the region.
The implementation of the proposal will take place under the Chief Minister Urban Expansion Scheme. Another Rs 3,000 crore was cleared for the expansion of other urban areas in the state, with 50% of the funds allocated for land acquisition for nine development authorities and the Housing Development Council. The proposal to provide Rs 4,164.16 crore as seed capital to various development authorities was approved, with Rs 1,285 crore for the current fiscal year.
Khanna also announced the formation of a Guarantee Redemption Fund, in line with guidelines issued by the Central Finance Commission and CAG.
This fund will cover any default in payment of loans by govt departments to banks or financial institutions.
The govt will create a fund with Rs 8,170 crore, with Rs 1,634 crore to be budgeted annually. The minister clarified that no department in UP is currently in default.
The Cabinet also adopted amendments to the Central Act, under which Extra Neutral Alcohol will move out of the GST ambit and be included under VAT. While this will make no difference to the consumer, the state, which so far received only 50% of the tax revenue, will now get 100% of it.
Power minister A K Sharma said clearance has also been given for a solar project in Bundelkhand. Currently, solar projects of 4,000 MW capacity are at various implementation stages.
An 800 MW project is under construction in Chitrakoot, with energy evacuation through the Indian Govt’s Green Energy Corridor.
The project, which costs Rs 619.90 crore, includes two lines of 400/220 kV and 500 MVA. The Indian govt will provide a 33% capital grant, the state govt will contribute 20% equity while 47% will be funded through a loan from Germany’s KfW.
The Indian govt has approved projects worth over Rs 4,000 cr under the Green Energy Corridor.
