Maha Cabinet clears 'Invit' to accelerate infrastructure projects

Mumbai, April 29 (IANS) The state Cabinet, chaired by Chief Minister Devendra Fadnavis, on Tuesday, approved the establishment of ‘Maha InvIT - Infrastructure Investment Trust’ to accelerate infrastructure projects like roads and bridges in the state and raise capital.

The decision will provide a new platform for raising funds for infrastructure development and provide an opportunity for stable returns to private and public investors.

Under 'Maha InvIT', the government will set up a trust, which will have a structure like sponsor, investment manager and project manager. This trust will be implemented as per SEBI rules. The concept of InvIT was implemented in the US in 1960. After that, the National Highways Authority of India (NHAI) set up the National Highway Infrastructure Trust in 2020 and raised funds. Maharashtra has become the first state to set up such an institution on the same lines, said the government release.

Through Maha Invit, selected assets of the Public Works Department, Maharashtra State Road Development Corporation and Maharashtra Infrastructure Corporation will be transferred to this trust. This will provide the trust with a lump sum of future revenue and will provide funds for new projects.

The state government has also given in-principle approval to set up a 'Special Purpose Vehicle' (SPV) for Maha Invit. The government hopes to attract long-term investments in the state, increase liquidity in the infrastructure sector, reduce dependence on high-interest loans and significantly improve the quality of road projects, said the release.

Meanwhile, the state cabinet also approved to increase the daily remuneration to Rs 40 from Rs 5 for persons camped in an almshouse. This is the first revision done since 1964. With the aim of reducing the begging habit, the Maharashtra Begging Prohibition Act has been in existence in the state since 1964.

Under this initiative, 14 begging homes are being run in the state for the rehabilitation of beggars. As many as 4,127 people are being rehabilitated in these begging homes.

The person admitted to this institution is given vocational training in agriculture and small industries so that they can earn their own living after coming out of the begging home.

“The person undergoing such training was earlier given a monthly stipend of Rs 5. This stipend will now be increased to Rs 40 per day. This will reduce the begging habit and make such people enjoy work. This decision will be a big step towards leading beggars towards self-reliance,” said the release.

--IANS

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