The Union Cabinet on Wednesday cleared the allocation of 30 per cent of North Eastern Council's allocation for new projects that will focus on the development of deprived areas and emerging priority sectors in the northeastern states.
The Union Cabinet's official statement said, "The cabinet has approved 30 per cent of North Eastern Council's (NEC's) allocation for new projects under the existing 'Schemes of North Eastern Council' for focussed development of deprived areas, neglected sections of society and emerging priority sectors in the northeastern states."
The remaining balance of the allocation will be bifurcated between the state and the Centre, wherein the state component will have- 60 per cent and central component- 40 per cent. During the meeting, the Cabinet also approved the revision of the NEC guidelines for the simplification of appraisal and approval mechanisms.
It has also permitted projects under the state component - up to 25 per cent of each state's normative allocation - for sectors not covered in the mandate of NEC but which are considered important according to local needs.
The release also stated that the projects under the existing 'Schemes of NEC' will accrue socio-economic benefits to the marginalised and vulnerable groups of people in backward and neglected areas of northeastern states. The decision will lead to faster decision-making and quick implementation of the projects.
The Government of India is set to present the Union Budget 2020 in the upcoming Parliamentary session. With the budget right around the corner, all eyes are now on the Finance Minister Nirmala Sitharaman. There are a lot of expectations from Sitharaman due to the overall GDP growth of India being at an 11-year low at 5%. Many experts believe that there will be a few tax reforms as well as GST rate cuts. Plans to implement affordable housing plans may also be a part of the Union Budget 2020.
The final Union Budget 2020 will be presented in the Parliament on February 1, 2020. The budget will be shared by the Finance Minister Nirmala Sitharaman at 11 AM. The economic survey of the country will be released on January 31, 2020.
The budget session will be held in two phases. The first will be in the upcoming Parliament session, which will go on from January 31, 2020, to February 11, 2020. The second phase will go on from March 2, 2020, to April 3, 2020. According to reports, there will be a 19-day recess so that the standing committees may prepare their reports and reconsider grants.
(With inputs from ANI)