Union Cabinet Approves Rs 12,461 Crore for Hydropower Boost

The Union Cabinet has approved a Rs 12,461 crore outlay for hydropower projects totaling 31,350 MW to be developed by FY 2031-32. The scheme addresses infrastructure costs, extending budgetary support to projects, including those in the private sector, and aims to boost employment and investment.

The Union Cabinet on Wednesday sanctioned a massive outlay of Rs 12,461 crore to advance the development of hydropower projects amounting to 31,350 MW, set to be achieved over the next eight years.

This decision, led by Prime Minister Narendra Modi, involves modifying the Ministry of Power's scheme to support the infrastructure costs for Hydro Electric Projects (HEP). The budget will be spread from FY2024-25 to FY2031-32.

Budgetary support will now cover a broader range of infrastructure costs and aims to accelerate hydropower development, providing significant employment and fostering fresh investments into the sector.

(With inputs from agencies.)