Union Minister Amit Shah on Wednesday hailed the Union Cabinet's decision to approve export of Akash missile system and said this will further propel India's effort to achieve the target of USD 5 billion of defence export.
In a series of tweets, Shah also said approval of the proposals for industrial corridors worth Rs 7,725 crore will generate more than 2.8 lakh jobs.
"A landmark decision to boost India's defence export. PM Narendra Modi-led cabinet approved the export of Akash Missile System and a committee has also been created for faster approvals. This will further propel India's effort to achieve target of USD 5 billion of defence export," he said.
The home minister also said, "I congratulate PM Narendra Modi ji, for approving proposals for Industrial Corridors worth Rs 7,725 crore in today's cabinet, which will generate more than 2.8 lakh jobs. These projects will provide an impetus to 'Aatmanirbhar Bharat' and boost investments across the country."
In another tweet in Hindi, Shah said the prime minister has reiterated his resolve for farmer welfare by taking an unprecedented decision to increase the distillation capacity for ethanol production from agricultural produce for doubling the income of farmers.
"This will create farmer empowerment and employment, and will get rid of pollution," he said.
In a major move to boost domestic defence manufacturing, the Union Cabinet approved the export of indigenously developed surface-to-air Akash missile system and set up a panel to ensure faster approvals for acquisition proposals by various countries.
The Akash missile systems have over 96 per cent indigenous components and the weapon can hit targets at a range of 25 km.
The cabinet also approved a proposal to set up industrial corridor nodes at Krishnapatnam in Andhra Pradesh and Tumakuru in Karnataka under the under the Chennai Bengaluru Industrial Corridor (CBIC).
The proposals have a total estimated cost of Rs 7,725 crore and an estimated employment generation of more than 2.8 lakh people, Union Minister Prakash Javadekar said.
The cabinet also approved a scheme to provide bank loans at lower rates to distilleries producing ethanol for doping in petrol, with a view to raising India's ethanol production capacity to suck out surplus sugar as well as cut oil imports.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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