CCEA nod to continuing BRGF

The Cabinet Committee on Economic Affairs on Thursday approved a proposal for continuation of the district component of the Backward Regions Grant Fund Programme during 2013-14 until a new and restructured one is introduced.

During 2013-14 the budgetary estimate for BRGF is Rs 6,500 crore. During 2012-13, an amount of Rs 3720 crore was released to the states under the district component of BRGF. This will accelerate socio-economic development of the 272 backward districts of 27 states in the country, an official statement said.

BRGF is proposed to be restructured to include new social indicators.

Meanwhile, CCEA also approved a proposal of IDFC to raise funds from overseas investors up to Rs 5,500 crore.

The proposal by IDFC Trustee Company to set up an alternative investment fund for receiving contributions from international investors has been referred to CCEA by the Foreign Investment Promotion Board (FIPB).

The proposed fund relates to infrastructure development.

FIPB does not have an ambit to clear proposals involving foreign direct investment (FDI) of over Rs 1,200 crore.