First road-cum-rail tunnel gets nod
NEW DELHI, Feb 14:
The Government today said it has approved a Rs 10,000 crore Fund of Funds to mobile venture capital and support deep tech, tech-driven innovative manufacturing startups and early-growth stage enterprises.
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This was the second part of the Fund of Funds (FoF) scheme under the Startup India initiative. The first was established in 2016.
The FOF 2.0 has been designed to continue the momentum of investments in startups, with an expanded scope over FFS 1.0.
“The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of the Startup India Fund of Funds 2.0 with a total corpus of Rs 10,000 crore for the purpose of mobilising venture capital for the startup ecosystem of the country,” a Government statement said.
The Cabinet approved the second tranche of the Startup India Fund of Funds Scheme on Friday.
The scheme, it said, is designed to accelerate the next phase of India’s startup journey by mobilising long-term domestic capital, strengthening the venture capital ecosystem, and supporting innovation-led entrepreneurship across the country.
In 2016, the Government constituted a Fund of Funds worth Rs 10,000 crore to provide seed capital and enable startups to take calculated risks.
The Centre has approved an 11.56 km extension corridor with eight elevated stations from Noida Sector 142 to Botanical Garden of the Noida Metro Rail Project.
According to the statement issued by the Government on Saturday, after operationalisation of the corridor, Noida and Greater Noida cities will have an active Metro Rail Network of 61.62 km.
Representing an advancement in the city’s infrastructure, the extension corridor from Noida Sector 142 to Botanical Garden (Noida) acts as a major expansion of the Noida Metro Rail Network, it said.
The corridor will introduce approximately 11.56 km of tracks and improve public transportation in the city, the statement said.
The project will also provide direct connectivity with high-demand corridors, including the interchange at Botanical Garden, Blue Line and Magenta Line.
This phase aims to seamlessly integrate key zones of Noida, including commercial hubs and educational institutes.
The Cabinet Committee on Economic Affairs, also approved the construction of India’s first 34-km-long twin-tube underwater road-cum-rail tunnel between Gohpur and Numaligarh in Assam at a total capital cost of Rs 18,662 crore.
Addressing mediapersons, Railway Minister Ashwini Vaishnaw said on Saturday that the first under-river tunnel in India was constructed in Kolkata under the Hooghly River, and work is currently underway on the first undersea tunnel for the Ahmedabad-Mumbai bullet train project.
Officials said that while the tunnel under the Hooghly River is meant for metro operations, the proposed Gohpur-Numaligarh project will be the first under-river twin tunnel in the country where both rail and road transport will operate side by side.
“Currently, connectivity between Numaligarh on NH 715 and Gohpur on NH-15 is 240 Km from the existing Kaliabhambhora road bridge near Silghat on NH-52, which takes 6 hours passing through Numaligarh, Kaziranga National Park, and Biswanath Town,” a government press note said.
“To address these challenges, the project is proposed to be developed as a 4-Lane Access-Controlled Greenfield connectivity from Gohpur on NH-15 to Numaligarh with road-cum-rail tunnel below the river Brahmaputra,” it added.
Meanwhile, in a major boost to urban infrastructure, the Union Cabinet has approved the launch of the Urban Challenge Fund (UCF) with a total central assistance of Rs 1 lakh crore, Union Minister Ashwini Vaishnaw said on Saturday.
Under the scheme, central assistance will cover 25 per cent of a project’s cost, provided that at least 50 per cent of the funding is mobilised from the market.
In a statement, the Government said the initiative will lead to a total investment of Rs 4 lakh crore in the urban sector over the next five years.
The move marks a paradigm shift in India’s urban new development approach from grant-based financing to a market-linked, reform-driven and outcome-oriented infrastructure creation, it said.
The UCF will leverage market financing, private sector participation and citizen-centric reforms to deliver high-quality urban infrastructure, it said.
The fund aims to build resilient, productive, inclusive and climate-responsive cities, positioning them as key drivers of the country’s next phase of economic growth, according to the statement.
The UCF will be operational from FY 2025-26 to FY 2030-31, with an extendable implementation period up to FY 2033-34
It gives effect to the Government’s vision announced in Budget 2025-26 to implement proposals relating to cities as growth hubs, creative redevelopment of cities, and water and sanitation.
According to the Government, a minimum of 50 per cent of project financing must be mobilised from market sources, including municipal bonds, bank loans and Public-Private Partnerships (PPPs). The remaining share can be contributed by states, Union Territories, Urban Local Bodies (ULBs) or other sources.
Projects will be selected through a transparent and competitive challenge mode, ensuring support to high-impact and reform-oriented proposals, it said. (PTI)
