CCEA Approves Rs 18,500 Crore Boost For Semiconductors, Lucknow Metro & Arunachal Hydropower In Major Push For Infrastructure And Self-Reliance
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, on Tuesday approved several key projects worth over Rs 18,500 crore. These investments will be made in three key sectors such as semiconductor manufacturing, metro rail expansion and hydropower generation.
Business Standard quoted, Union Railways, Information and Electronics and IT Minister Ashwini Vaishnav saying, “Today is a very important day. We have approved major investments in infrastructure industries like semiconductors, hydropower for clean energy and important urban transport projects like Lucknow Metro.”
Rs 4,600 crore has been approved for four new projects under the India Semiconductor Mission (ISM). Now the total number of projects approved under this mission has increased to 10, involving a total investment of about Rs 1.60 lakh crore in six states.
Here are the approved companies and projects:
SiCSem (Bhubaneswar, Odisha): The company will develop an advanced ATMP (assembly, testing, marking, packaging) facility with a semiconductor fabrication plant with a monthly production capacity of 60,000 wafers and 96 million units per annum.
3D Glass Solutions Inc (Bhubaneswar, Odisha): With an investment of Rs 1,943 crore, the company will set up a state-of-the-art ATMP unit producing 70,000 glass panels and 13,000 3D modules per annum. Global companies such as Intel, Lockheed Martin and Applied Materials have invested in the project.
Continental Devices India Ltd (CDIL), Mohali (Punjab): A new ATMP project has been approved.
Advanced System in Package (ASIP) Technologies, Andhra Pradesh: The company has also been approved for its ATMP unit.
These projects will increase the country’s semiconductor production capacity and will strengthen the goal of self-reliant India.
Green signal To Lucknow Metro expansion
The Cabinet has approved an investment of Rs 5,801 crore for Phase 1B of Lucknow Metro. In this phase, 11 km long track and 12 new stations will be added. This expansion will connect the major business, medical and tourist places of old Lucknow, such as Aminabad, Chowk, King George Medical University and Bada and Chhota Imambara.
The project will be completed in the next five years by the Uttar Pradesh Metro Rail Corporation (UPMRC) in partnership with the central and state government, which will improve urban traffic and provide better facilities to the tourists.
Promoting clean energy in Arunachal: Tato-II Hydroelectric Project
The 700 MW Tato-II Hydroelectric Project has also been approved for Arunachal Pradesh, which will cost Rs 8,146 crore. The project will generate around 2,738 million units of electricity every year, which will not only meet the energy needs of the state but also create employment opportunities.
The project will be developed in partnership between NEEPCO and the state government. The central government will provide assistance of Rs 458.79 crore for infrastructure such as roads, bridges and transmission lines and Rs 436.13 crore as equity.
The state will benefit from the project in the form of 12% free power as well as social and economic development.