Rapid Fire
Cabinet Approves Multi-Sectoral Package for Economic Growth
- 21 Mar 2025
- 2 min read
The Union Cabinet has approved a multi-sectoral package worth Rs 22,791 crore encompassing a Unified Payments Interface (UPI) incentive, a urea plant in Assam, a highway project in Maharashtra, and revised dairy development schemes.
- Digital Payments Incentive: Rs 1,500 crore allocated for the Incentive Scheme to promote low-value UPI (Person-to-Merchant) transactions (FY25) under the Zero Merchant Discount Rate Policy, to promote digital payments & financial inclusion.
- A 0.15% incentive is offered for transactions under Rs 2,000, benefiting small merchants (digital payments < Rs 50,000/month).
- The government pays incentives to acquiring banks (merchant's banks), which are shared with issuer bank (customer's bank), payment service providers, and app providers.
- Highway Project in Maharashtra: Approved Chowk-Pagote six-lane highway under PM Gati Shakti to enhance Jawaharlal Nehru Port Trust connectivity.
- Fertilizer Plant in Assam: Rs 10,601 crore approved for Namrup-IV Urea Plant under 'Act East' policy, boosting Northeast & eastern India's urea supply and exports to Southeast Asia.
- Revised National Programme for Dairy Development: Total outlay revised to Rs 2,970 crore, to establish 10,000 Dairy Cooperatives & create 3.2 lakh jobs, mainly for women.
- Rashtriya Gokul Mission (2021-26) total outlay revised to Rs 3,400 crore to boost high-yield cattle breeds.
| Read more: India's Journey of Infrastructure Development |
