♦ The Union Cabinet chaired by the Prime Minister Narendra Modi has approved two railway projects of Ministry of Railways with total estimated cost of Rs.6,798 crore (approx.) on  24 October 2024. 

♦ Two approved projects are – (a) doubling of Narkatiaganj-Raxaul-Sitamarhi-Darbhanga & Sitamarhi-Muzaffarpur Section covering 256 kms and (b) construction of new line between Errupalem and Namburu via Amaravati covering 57 kms to be completed in 5years. 

♦ The Two projects covering 8 districts in 3 states i.e., Andhra Pradesh, Telangana and Bihar will increase the existing network of Indian Railways by about 313 kms.
Other decisions:

♦ The Union Cabinet has also approved the creation of a Rs.1,000 crore venture capital fund dedicated to the space sector, under the supervision of the Indian National Space Promotion and Authorization Center (IN-SPACe).

♦ The fund is expected to deploy an average of Rs.150-250 crore per year, depending on the investment landscape and startup requirements. As part of India’s 2020 space reforms, IN-SPACe was established to promote private sector participation in space activities. Currently, India’s space economy is valued at $8.4 billion, with a target to expand it to $44 billion by 2033.