NEW DELHI: The Centre on Wednesday approved four key projects, including manufacturing of rare earth magnets, second phase of Pune Metro project and multi-tracking of two railway lines worth `19,000 crore.
Minister for Information & Broadcasting Ashwini Vaishnaw, during a post cabinet meeting briefing, told reporters that the ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets’ (SREPM) has been approved with a financial outlay of Rs 7,280 crore.
The aim is to establish 6,000 Metric Tons per Annum (MTPA) of integrated manufacturing in the country, he added. The other two decisions pertained to the Pune Metro Rail Project Phase-2 - Kharadi–Khadakwasla (Line 4) and Nal Stop–Warje–Manik Baug (Line 4A), which will be completed within five years at an estimated cost of Rs 9,857.85 crore, the Minister said, adding that the multi-tracking of railway lines include the doubling of the Devbhumi Dwarka (Okha)-Kanalus section with a cost of Rs 1,457 crore and the construction of the third and fourth lines between Badlapur and Karjat at a cost of Rs 1,324 crore.
In an official statement, the government said, “This first-of-its-kind initiative with regard to SREPM aims to establish 6,000 MTPA of integrated Rare manufacturing in India, thereby enhancing self-reliance and positioning India as a key player in the global market.”