Context:
The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister, approved the second phase of the India Semiconductor Mission (Semicon 2.0), an expanded Mobile Phone Manufacturing Scheme (MPMS), establishment of nine new gas-based urea plants, and two major National Highway projects in Varanasi.
Explanation
- Cabinet Committee on Economic Affairs (CCEA) approves major economic and infrastructure projects.
- The CCEA is an extra-constitutional body, framed under Article 77 of the Constitution.
- India Semiconductor Mission (ISM) aims to build a domestic semiconductor ecosystem covering chip design, fabrication, packaging, minerals, gases, and R&D to reduce import dependence.
- Mobile Phone Manufacturing Scheme (MPMS) promotes domestic value addition, local sourcing, exports, and employment under the Make in India initiative.
- National Investment Policy (NIP) for urea encourages private investment to enhance indigenous fertilizer production and reduce imports.
- Hybrid Annuity Model (HAM) is a PPP model where project cost is shared between the government and the private developer, reducing financial risk.
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