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The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi has approvedContinuation and Revamping of the Scheme for Financial Support to Public Private Partnerships (PPPs) in Infrastructure Viability Gap Funding (VGF) Schemetill 2024-25 with a total outlay of Rs. 8,100 cr.

The revamped Scheme is mainly related to introduction of following two sub-schemes for mainstreaming private participation in social infrastructure:

a.   Sub scheme -1

This would cater to Social Sectors such as Waste Water Treatment, Water Supply, Solid Waste Management, Health and Education sectors etc. These projects face bankability issues and poor revenue streams to cater fully to capital costs. The projects eligible under this category should have at least 100% Operational Cost recovery. The Central Government will provide maximum of 30% of Total Project Cost (TPC) of the project as VGF and State Government/Sponsoring Central Ministry/Statutory Entity may provide additional support up to 30% of TPC.

b.   Sub scheme -2

This Sub scheme will support demonstration/pilot social sectors projects. The projects may be from Health and Education sectors where there is at least 50% Operational Cost recovery. In such projects, the Central Government and the State Governments together will provide up to 80% of capital expenditure and upto 50% of Operation & Maintenance (O&M) costs for the first five years. The Central Government will provide a maximum of 40% of the TPC of the Project. In addition, it may provide a maximum of 25% of Operational Costs of the project in first five years of commercial operations.

Since the inception of the scheme, 64 projects have been accorded 'final approval' with Total Project Cost of Rs. 34,228 crore and VGF of Rs. 5,639 crore. Till the end of Financial Year 2019-20, VGF of Rs. 4,375 crore has been disbursed.

Benefits:

The aim of the scheme is to promote PPPs in social and Economic Infrastructure leading to efficient creation of assets and ensuring their proper Operation and Maintenance and make the economically/socially essential projects commercially viable. The scheme would be beneficial to public at large as it would help in creation of the Infrastructure for the country.

Implementation Strategy:

The new Scheme will come into force within one month of the approval of Cabinet. Proposed amendments under the revamped VGF scheme would be suitably incorporated in the Guidelines for the Scheme. All steps will be taken up for the promotion of the revamped VGF and in monitoring of the supported projects.

Impact:

Revamping of the proposed VGF Scheme will attract more PPP projects and facilitate the private investment in the social sectors (Health, Education, Waste Water, Solid Waste Management, Water Supply etc.). Creation of new hospitals, schools will create many opportunities to boost employment generation.

Expenditure Involved:

The revamped Scheme will be financed from budgetary support of Ministry of Finance. The projected outlay of the revamped VGF scheme till the Financial Year 2024-2025 is as under:

 

Financial Year

 

Scheme for Financial Support to        PPPs       in       Economic Infrastructure

(Rs. crore)

 

Scheme for Financial Support to PPPs in Social Infrastructure

(Rs. crore)

2020-21

 

1,000

 

400

 

2021-22

 

1,100

 

400

 

2022-23

 

1,200

 

400

 

2023-24

 

1,300

 

400

 

2024-25

 

1,400

 

500

 

Total

 

6,000

 

2,100

 

 

Background:

The Department of Economic Affairs, Ministry of Finance introduced "the Scheme for Financial Support to PPPs in Infrastructure" (Viability Gap Funding Scheme) in 2006 with a view to support infrastructure projects undertaken through PPP mode that are economically justified but commercially unviable due to large capital investment requirements, long gestation periods and the inability to increase user charges to commercial levels, hi this existing Scheme, VGF up to 40%of the Total Project Cost (TPC) is provided by the Government, of India (Gol) and the sponsoring authority in the form of capital grant at the stage of project construction (20%+20%

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PM to visit UP on October 20 and inaugurate Kushinagar International Airport
October 19, 2021
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PM to participate in an event marking Abhidhamma Day at Mahaparinirvana Temple
PM to lay foundation stone of Rajkiya Medical College, Kushinagar and also inaugurate & lay foundation stone of various development projects in Kushinagar

Prime Minister Shri Narendra Modi will visit Uttar Pradesh on 20th October, 2021. At around 10 AM, the Prime Minister will inaugurate the Kushinagar International Airport. Subsequently, at around 11:30 AM, he will participate in an event marking Abhidhamma Day at Mahaparinirvana Temple. Thereafter, at around 1:15 PM, the Prime Minister will attend a public function to inaugurate and lay the foundation stone of various development projects in Kushinagar.

Inauguration of Kushinagar International Airport

The inauguration of the Kushinagar International Airport will be marked by the landing of the inaugural flight at the airport from Colombo, Sri Lanka, carrying Sri lankan delegation of over hundred Buddhist Monks & dignitaries including the 12-member Holy Relic entourage bringing the Holy Buddha Relics for Exposition. The delegation also comprises of Anunayakas (deputy heads) of all four Nikatas (orders) of Buddhism in Sri Lanka i.e Asgiriya, Amarapura, Ramanya, Malwatta as well as five ministers of the Government of Sri Lanka led by Cabinet Minister Namal Rajapakshe.

The Kushinagar International Airport has been built at an estimated cost of Rs. 260 crore. It will facilitate domestic & international pilgrims to visit the Mahaparinirvana sthal of Lord Buddha and is an endeavour in connecting the Buddhist pilgrimage holy sites around the world. The airport will serve nearby districts of Uttar Pradesh and Bihar and is an important step in boosting the investment & employment opportunities in the region.

Abhidhamma Day at Mahaparinirvana Temple

Prime Minister will visit the Mahaparinirvana temple, offer Archana and Chivar to the reclining statue of Lord Buddha and also plant a Bodhi tree sapling.

Prime Minister will participate in an event, organised to mark Abhidhamma Day. The day symbolises the end of three-month rainy retreat – Varshavaas or Vassa – for the Buddhist Monks, during which they stay at one place in vihara & monastery and pray. The event will also be attended by eminent Monks from Sri Lanka, Thailand, Myanmar, South Korea, Nepal, Bhutan and Cambodia, as well as Ambassadors of various countries.

Prime Minister will also walk through the exhibition of Paintings of Ajanta frescos, Buddhist Sutra Calligraphy and Buddhist artefacts excavated from Vadnagar and other sites in Gujarat.

Inauguration & laying of Foundation Stone of development projects

Prime Minister will participate in a public function at Barwa Jangal, Kushinagar. In the event, he will lay the foundation stone of Rajkiya Medical College, Kushinagar which will be built at a cost of over Rs 280 crore. The Medical college will have a 500 bed hospital and provide admissions to 100 students in MBBS course in academic session 2022-2023. Prime Minister will also inaugurate & lay the foundation stone of 12 development projects worth over Rs 180 crore.