Cabinet clears additional central aid for Sikkim

The Union Cabinet today cleared an additional central assistance of Rs 115.71 crore for Sikkim and Puducherry for long-term reconstruction of the infrastructure damaged during floods in 2005.
Briefing reporters after the cabinet meeting chaired by Prime Minister Dr Manmohan Singh here, the I&B minister, Mr Priya Ranjan Dasmunsi, said the grant component of this would be Rs 84.87 crore and the loan component is Rs 30.84 crore.
It also approved the implementation of the “Indian Leather Development Programme” which would incur an expenditure of Rs 916.67 crore during the 11th Five Year Plan period.
The scheme would help in the development of infrastructure for this sector and address environment concerns specific to the sector and facilitate additional investment, employment generation and increase in production.
The cabinet also cleared the proposal for doubling the authorised capital of India Infrastructure Finance Company Limited (IIFCL) to Rs 2000 crore from present Rs 1000 crore.
This would enhance the leveraging ability of IIFCL and enable the company to build a strong resource base along with higher net worth over a period of time.

Courtesy: The Statesman

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