Cabinet nod for Sagarmala project

The Government gave ´in principle´nod to Sagarmala project, which is aimed at port-led development in coastal states. ´The Union Cabinet chaired by Prime Minister Narendra Modi, gave its ´in-principle´approval for the concept and institutional framework of Sagarmala Project,´ an official statement said. Funds requirement for starting the implementation of projects in initial phase of Sagarmala Project is projected at Rs 692 crore for 2015-16, it said. The prime objective of the project is to ´promote port-led direct and indirect development and to provide infrastructure to transport goods to and from ports quickly, efficiently and cost-effectively,´ the statement said.