Govt approves investment proposals worth Rs 56,000 crore in 16 states for 2023-24

Government has approved capital investment proposals worth Rs 56,415 crore in 16 states in the current financial year. Approval has been given under the scheme entitled 'special assistance to states for capital investment 2023-24'.

Capital investment projects in diverse sectors have been approved including health, education, irrigation, water supply, power, roads, bridges and railways, official sources said.

Funds for meeting the state share of Jal Jeevan Mission and Pradhan Mantri Gram Sadak Yojana have also been provided to states under this scheme to enhance pace of the projects in these sectors.

In view of a higher multiplier effect of capital expenditure and in order to provide boost to capital spending by states, the scheme was announced in the Union budget 2023-24.

Under the scheme, special assistance is being provided to the state governments in the form of 50-year interest free loan up to an overall sum of Rs 1.3 lakh crore during 2023-24. The scheme also aims at increasing the housing stock for the police personnel and their families within the police stations in urban areas.

Another objective of the scheme is to promote national integration, carry forward the concept of 'Make in India' and promote the concept of 'One District, One Product' (ODOP) through construction of Unity Mall in each state.

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