Cabinet Clears Skill Development Pact with UAE

Cost revised for Mangadechhu Hydroelectric Project in Bhutan

Published: 24th March 2016 07:10 AM  |   Last Updated: 24th March 2016 07:10 AM   |  A+A-

NEW DELHI: The Government on Wednesday approved agreements signed between the Ministry of Skill Development & Entrepreneurship and the UAE for cooperation in skill development and recognition of qualifications.

“The Union Cabinet has given its ex-post-facto approval to the Letter of Intent signed on February 10, 2016, between the Ministry of Skill Development and Entrepreneurship of India and the National Qualifications Authority of UAE,” an official statement said.

C.jpg“The Letter of Intent will strengthen relations between the two countries and pave the way for bilateral cooperation between the two countries on skill development and recognition of qualifications,” the statement said.

The Cabinet also approved signing of a Memorandum of Understanding between Ministry of Skill Development and Entrepreneurship of India and the National Qualifications Authority of the United Arab Emirates (UAE) for cooperation in skill development and recognition of qualifications.

“The MoU will pave the way for bilateral cooperation between the two countries on skill development and recognition of qualifications. Also the MoU will facilitate workforce mobility, skill development and placement of youth in overseas jobs in UAE.”

 The Centre also approved revised cost of Rs 4,020.63 crore for 720 MW Mangadechhu Hydroelectric Project (HEP) in Bhutan which is under implementation.

The project will provide surplus power to India, it said, adding that the expeditious RCE approval will enable project works to proceed smoothly without interruption, it said.

The bilateral agreement to execute the Mangadechhu HEP was signed between India and Bhutan in April, 2010 at the approved cost of Rs 2,896.3 crore (March 2008 price level) with funding by Government of India as 30 per cent grant and 70 per cent loan at 10 per cent annual interest to be paid back in thirty equated semi-annual instalments.

The total cost escalation for the project, at this stage, is Rs 1,124.359 crore.

The factors behind cost escalation to the RCE are due to inflation from March 2008 to March 2014, construction of cut-off wall against permeation grouting upstream coffer dam, exchange rate variations and other causes, etc, it added.

Meanwhile, the government has approved a proposal to accede to the Ashgabat Agreement, a move that will further strengthen trade ties between India and the Eurasian region, said Telecom Minister Ravi Shankar Prasad said.



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