Uttar Pradesh: In a major enhancement of urban connectivity, the Uttar Pradesh Cabinet on Friday approved the detailed project report of the extension of the Noida Metro Aqua Line from Sector 51 to Greater Noida Knowledge Park – 20.
During a Cabinet meeting chaired by Chief Minister Yogi Adityanath, the state government announced that the cost of the project is estimated at Rs 2,991.60 crore.
“The implementation of the project will facilitate transportation and generate direct/indirect employment opportunities,” the statement read.
The Cabinet has approved the proposal for the extension of the Aqua Line Metro project, which will cover a distance of 17.435 km from Sector 51 Noida Station to Knowledge Park 20 in Greater Noida.
---Advertisement---A total of ₹788 crore will be spent on the project, with ₹394 crore contributed… pic.twitter.com/TtbDUUyUAu
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UP Finance Minister Suresh Khanna said that the distance for the extension of the Aqua Line would be 17.435 km long. The project will receive a contribution of Rs 394 crore from the central and state government.
The Noida Authority would provide 40 percent of the funds, while the Greater Noida Authority would give 60 percent of the funds, reports added. Additionally, the Cabinet has given a nod to the inclusion of 80 villages within the Kanpur Development Authority’s limits.
Key Details Of The Project
Urban Area Expansion: Rs 3,000 crore was cleared for the expansion of urban areas in Uttar Pradesh. Land acquisition for nine development authorities and the Housing Development Council would be allocated 50% of the funds.
Another amount of Rs 4,164.16 crore has also been approved as seed capital for various development authorities, with Rs 1,285 crore for the current fiscal year.
Redemption Fund: A new Guarantee Redemption Fund will be formed to cover defaults in the payment of loans by government departments to banks.
The fund will have Rs 8,170 crore, with Rs 1,634 crore to be allocated annually. The Minister clarified no department is currently in default.
Amendment To Central Act: The Cabinet approved amendments to the Central Act, removing Extra Neutral Alcohol (ENA) GST ambit and including it under VAT.
However, consumers will not be impacted by this amendment; it allows the state to receive100 % of the tax revenue rather than the previous 50%.
