The Union Cabinet has announced a series of significant decisions, including incentives for UPI transactions, infrastructure projects, and support for dairy development. Union IT and Railways Minister Ashwini Vaishnaw detailed these measures in a press briefing.
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UPI Transactions Reach ₹210 Lakh Crore
The government has decided to incentivize BHIM-UPI transactions to further boost digital payments. For every transaction below ₹2,000, an incentive of 0.15% will be provided. Additionally, a ₹1,500 crore budget has been allocated to support small traders and ease transaction costs.
Vaishnaw clarified that while UPI transactions remain free for users, the costs associated with different entities in the four-tier UPI system—banks, fintech firms, payment service providers, and app firms—are being addressed through this incentive scheme.
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Major Infrastructure Approvals
The Cabinet has also approved several infrastructure projects across different sectors:
- Brownfield Ammonia-Urea Factory in Assam – The government has greenlit a ₹10,601 crore ammonia complex in Assam to boost fertilizer production.
- Dairy Development Fund – ₹2,790 crore has been allocated to strengthen the dairy sector, ensuring better support for farmers.
- Gokul Mission – ₹3,400 crore has been set aside for the Gokul Mission, which focuses on cattle development and increasing milk production.
- Greenfield Highway in Maharashtra – A ₹4,500 crore investment has been approved for the construction of a greenfield highway, improving connectivity and boosting regional development.
These decisions reflect the government’s focus on digital financial inclusion, agriculture, and infrastructure growth, ensuring long-term economic benefits.