{"id":20352,"date":"2024-06-20T19:08:13","date_gmt":"2024-06-20T13:38:13","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=20352"},"modified":"2024-06-20T19:08:15","modified_gmt":"2024-06-20T13:38:15","slug":"union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/","title":{"rendered":"Union Cabinet Approves \u20b92.88-Lakh Crore Economic Measures to Boost Growth"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Union_Cabinet_Approves_Economic_Measures_Worth_Over_%E2%82%B9288-Lakh_Crore\" >Union Cabinet Approves Economic Measures Worth Over \u20b92.88-Lakh Crore<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Overview_of_Economic_Decisions\" >Overview of Economic Decisions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#MSP_Hike_for_Kharif_Crops\" >MSP Hike for Kharif Crops<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Varanasi_Airport_Expansion\" >Varanasi Airport Expansion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Development_of_Vadhavan_Port\" >Development of Vadhavan Port<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Boosting_Renewable_Energy\" >Boosting Renewable Energy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#National_Forensic_Infrastructure_Enhancement_Scheme_NFIES\" >National Forensic Infrastructure Enhancement Scheme (NFIES)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Production-Linked_Incentives\" >Production-Linked Incentives<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Why_This_News_is_Important\" >Why This News is Important<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Impact_on_Farmers\" >Impact on Farmers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Infrastructure_Development\" >Infrastructure Development<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Renewable_Energy_Push\" >Renewable Energy Push<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Forensic_Infrastructure_Enhancement\" >Forensic Infrastructure Enhancement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Economic_Stimulus\" >Economic Stimulus<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Historical_Context\" >Historical Context<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Previous_Economic_Measures\" >Previous Economic Measures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Development_of_Key_Infrastructure\" >Development of Key Infrastructure<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Key_Takeaways_from_%E2%80%9CUnion_Cabinet_Approves_Economic_Measures_Worth_Over_%E2%82%B9288-Lakh_Crore%E2%80%9D\" >Key Takeaways from &#8220;Union Cabinet Approves Economic Measures Worth Over \u20b92.88-Lakh Crore&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Important_FAQs_for_Students_from_this_News\" >Important FAQs for Students from this News<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#What_is_the_significance_of_the_MSP_hike_for_Kharif_crops\" >What is the significance of the MSP hike for Kharif crops?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#How_will_the_Varanasi_airport_expansion_impact_the_region\" >How will the Varanasi airport expansion impact the region?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#What_are_the_expected_benefits_of_developing_Vadhavan_Port\" >What are the expected benefits of developing Vadhavan Port?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#How_does_the_VGF_scheme_support_offshore_wind_energy_projects\" >How does the VGF scheme support offshore wind energy projects?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/union-cabinet-union-cabinet-announces-economic-measures-worth-%e2%82%b92-88-lakh-crore-including-msp-hike-for-kharif-crops\/#Some_Important_Current_Affairs_Links\" >Some Important Current Affairs Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Union_Cabinet_Approves_Economic_Measures_Worth_Over_%E2%82%B9288-Lakh_Crore\"><\/span>Union Cabinet Approves Economic Measures Worth Over \u20b92.88-Lakh Crore<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview_of_Economic_Decisions\"><\/span>Overview of Economic Decisions<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Union Cabinet has sanctioned economic measures totaling \u20b92.88-lakh crore. These decisions, announced after the allocation of portfolios to Union Ministers in the Modi government\u2019s third term, aim to enhance various sectors and stimulate economic growth.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MSP_Hike_for_Kharif_Crops\"><\/span>MSP Hike for Kharif Crops<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">One of the major decisions includes raising the Minimum Support Price (MSP) for 14 Kharif crops for the 2024-25 marketing season. The hikes range from \u20b9117 to \u20b9983 per quintal, benefiting farmers by approximately \u20b92-lakh crore based on procurement data. The government has considered inflation impacts, asserting that the increase will not significantly affect inflation rates.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Varanasi_Airport_Expansion\"><\/span>Varanasi Airport Expansion<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Cabinet has approved an investment of over \u20b92,800 crore for the expansion of Varanasi airport. This project includes constructing a new terminal building, extending the apron and runway, and adding a parallel taxi track. The expansion aims to increase the airport&#8217;s capacity from 3.9 million to 9.9 million passengers per annum (MPPA), reflecting Varanasi\u2019s cultural heritage in its design.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Development_of_Vadhavan_Port\"><\/span>Development of Vadhavan Port<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A new major port will be developed at Vadhavan in Maharashtra\u2019s Palghar District, with a project cost of \u20b976,220 crore. This Greenfield deep draft port is expected to become one of the top 10 ports globally upon completion, providing an all-weather operational capacity.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Boosting_Renewable_Energy\"><\/span>Boosting Renewable Energy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Cabinet has approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects with an outlay of \u20b97,453 crore. This includes \u20b96,853 crore for installing and commissioning 1 GW of offshore wind energy projects and \u20b9600 crore for upgrading ports to meet logistics needs.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"National_Forensic_Infrastructure_Enhancement_Scheme_NFIES\"><\/span>National Forensic Infrastructure Enhancement Scheme (NFIES)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">To support the implementation of new criminal laws, the Cabinet has sanctioned the \u201cNational Forensic Infrastructure Enhancement Scheme\u201d with a financial outlay of \u20b92,254.43 crore for 2024-25 to 2028-29. The Ministry of Home Affairs will provision this funding from its budget.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Production-Linked_Incentives\"><\/span>Production-Linked Incentives<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Cabinet has approved \u20b92 lakh crore in production-linked incentives for 10 sectors, including white goods manufacturing, pharmaceuticals, specialized steel, auto, telecom, textiles, food products, solar photovoltaic, and cell battery sectors. This initiative aims to boost domestic manufacturing and economic growth.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\" id=\"Union-Cabinet-economic-measures\"><img decoding=\"async\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2024\/06\/Union-Cabinet-economic-measures.jpeg\" alt=\"Union Cabinet economic measures\n\" class=\"wp-image-20357\" width=\"576\" height=\"303\" title=\"Union Cabinet economic measures\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2024\/06\/Union-Cabinet-economic-measures.jpeg 310w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2024\/06\/Union-Cabinet-economic-measures-300x158.jpeg 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><figcaption class=\"wp-element-caption\">Union Cabinet economic measures<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_This_News_is_Important\"><\/span>Why This News is Important<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Impact_on_Farmers\"><\/span>Impact on Farmers<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The MSP hike for Kharif crops significantly impacts the agricultural sector, potentially boosting farmers&#8217; income and ensuring better market stability for essential crops. This decision aligns with the government&#8217;s objective to support farmers and enhance rural prosperity.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Infrastructure_Development\"><\/span>Infrastructure Development<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The expansion of Varanasi airport and the development of Vadhavan port are crucial for improving transportation infrastructure in India. Enhanced airport capacity will support tourism and business travel, while a new major port will bolster India&#8217;s maritime trade capabilities, essential for economic growth.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Renewable_Energy_Push\"><\/span>Renewable Energy Push<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The approval of the VGF scheme for offshore wind energy projects highlights India&#8217;s commitment to sustainable energy. This move is vital for meeting renewable energy targets and reducing dependence on fossil fuels, contributing to environmental conservation and energy security.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Forensic_Infrastructure_Enhancement\"><\/span>Forensic Infrastructure Enhancement<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The National Forensic Infrastructure Enhancement Scheme is significant for law enforcement, providing essential resources for implementing new criminal laws. Enhanced forensic infrastructure will aid in more efficient crime investigation and legal processes, strengthening the justice system.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Economic_Stimulus\"><\/span>Economic Stimulus<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Production-linked incentives for multiple sectors aim to stimulate domestic manufacturing, fostering job creation, and technological advancement. This initiative is expected to enhance India&#8217;s global competitiveness and drive economic growth in key industries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Historical_Context\"><\/span>Historical Context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Previous_Economic_Measures\"><\/span>Previous Economic Measures<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Modi government has consistently introduced economic measures to boost various sectors. Previous initiatives include the Atmanirbhar Bharat Abhiyan, which focused on self-reliance by promoting domestic manufacturing and reducing import dependence. The recent decisions follow this trajectory, aiming to stimulate the economy further.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Development_of_Key_Infrastructure\"><\/span>Development of Key Infrastructure<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">India has a history of investing in critical infrastructure to support economic growth. The development of major ports, airports, and renewable energy projects has been a part of national strategies to enhance trade, transportation, and sustainable energy. These projects are in line with India&#8217;s long-term infrastructure development goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways_from_%E2%80%9CUnion_Cabinet_Approves_Economic_Measures_Worth_Over_%E2%82%B9288-Lakh_Crore%E2%80%9D\"><\/span>Key Takeaways from &#8220;Union Cabinet Approves Economic Measures Worth Over \u20b92.88-Lakh Crore&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Serial Number<\/th><th>Key Takeaway<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>MSP hike for 14 Kharif crops, benefiting farmers by \u20b92-lakh crore.<\/td><\/tr><tr><td>2<\/td><td>\u20b92,800 crore investment approved for Varanasi airport expansion.<\/td><\/tr><tr><td>3<\/td><td>Development of a new major port at Vadhavan with a project cost of \u20b976,220 crore.<\/td><\/tr><tr><td>4<\/td><td>Approval of VGF scheme for offshore wind energy projects with an outlay of \u20b97,453 crore.<\/td><\/tr><tr><td>5<\/td><td>National Forensic Infrastructure Enhancement Scheme sanctioned with a financial outlay of \u20b92,254.43 crore.<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Union Cabinet economic measures<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_FAQs_for_Students_from_this_News\"><\/span>Important FAQs for Students from this News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_significance_of_the_MSP_hike_for_Kharif_crops\"><\/span>What is the significance of the MSP hike for Kharif crops?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The MSP hike for Kharif crops is significant because it directly benefits farmers by ensuring they receive a fair price for their produce, potentially leading to increased agricultural income and market stability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_will_the_Varanasi_airport_expansion_impact_the_region\"><\/span>How will the Varanasi airport expansion impact the region?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The expansion of Varanasi airport will significantly boost the region&#8217;s connectivity, increase passenger capacity from 3.9 million to 9.9 million per annum, and promote tourism and economic activities in Varanasi.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_expected_benefits_of_developing_Vadhavan_Port\"><\/span>What are the expected benefits of developing Vadhavan Port?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The development of Vadhavan Port is expected to make it one of the top 10 ports globally, enhancing India&#8217;s maritime trade capabilities and providing an all-weather operational capacity, crucial for economic growth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_the_VGF_scheme_support_offshore_wind_energy_projects\"><\/span>How does the VGF scheme support offshore wind energy projects?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The VGF scheme provides financial support for installing and commissioning offshore wind energy projects, promoting renewable energy development and helping India meet its sustainability targets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Current_Affairs_Links\"><\/span>Some Important Current Affairs Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/national\/\" target=\"_blank\" rel=\"noreferrer noopener\">State Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/sports\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sports Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--3\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/international\/\" target=\"_blank\" rel=\"noreferrer noopener\">International Current Affairs<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/banking\/\" target=\"_blank\" rel=\"noreferrer noopener\">Banking Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/railway\/\" target=\"_blank\" rel=\"noreferrer noopener\">Railways Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/defence\/\" target=\"_blank\" rel=\"noreferrer noopener\">Defence Current Affairs<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--4\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs?newsmaticargs=custom&amp;posts=today\" target=\"_blank\" rel=\"noreferrer noopener\">Daily Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--5\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairsinhindi\/\" target=\"_blank\" rel=\"noreferrer noopener\">Current Affairs In Hindi<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--6\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/news-and-notifications\/\" target=\"_blank\" rel=\"noreferrer noopener\">News and Notifications<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.edunovations.quiz\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" width=\"900\" height=\"150\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2-1.jpg\" alt=\"Download this App for Daily Current Affairs MCQ&#039;s\" class=\"wp-image-247\" title=\"\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2-1.jpg 900w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2-1-300x50.jpg 300w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2-1-768x128.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><figcaption class=\"wp-element-caption\">Download this App for Daily Current Affairs MCQ&#8217;s<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\" id=\"News-Website-Development-Company\"><a href=\"https:\/\/www.martindiainfotech.com\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" width=\"900\" height=\"150\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/News-Website-Development-Company-Banner.png\" alt=\"News Website Development Company\" class=\"wp-image-438\" title=\"News Website Development Company\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/News-Website-Development-Company-Banner.png 900w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/News-Website-Development-Company-Banner-300x50.png 300w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/News-Website-Development-Company-Banner-768x128.png 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><figcaption class=\"wp-element-caption\">News Website Development Company<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Union Cabinet Approves Economic Measures Worth Over \u20b92.88-Lakh Crore Overview of Economic Decisions The Union Cabinet has sanctioned economic measures totaling \u20b92.88-lakh crore. These decisions, announced after the allocation of portfolios to Union Ministers in the Modi government\u2019s third term, aim to enhance various sectors and stimulate economic growth. MSP Hike for Kharif Crops One&#8230;<\/p>\n","protected":false},"author":6,"featured_media":20359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,144],"tags":[12601,364,12603,955,12602,227,10101],"class_list":["post-20352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-economy_finance","tag-economic-measures","tag-government-policies","tag-india-economic-news","tag-infrastructure-development","tag-msp-hike","tag-renewable-energy","tag-union-cabinet"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/20352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=20352"}],"version-history":[{"count":0,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/20352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/20359"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=20352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=20352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=20352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}