25 January 2017 Current Affairs: The Cabinet Committee on Economic Affairs (CCEA) gave its approval for setting up of a world-class Integrated Exhibition-cum-Convention Centre (IECC) at Pragati Maidan in New Delhi.
A decision in this regard was taken at a CCEA meeting chaired by Prime Minister Narendra Modi in New Delhi.
Integrated Exhibition-cum-Convention Centre : As per the proposal, the Pragati Maidan in New Delhi will be redeveloped as an Integrated Exhibition-cum-Convention Centre.
The proposed development project will be executed by the India Trade Promotion Organisation (ITPO).
The ITPO is a Mini Ratna Category-1 Company under the Department of Commerce of the Union Ministry of Commerce and Industry.The project will be executed at an estimated cost of Rs 2,254 crore.
The ITPO will utilise Rs 1,200 crore out of its free reserves towards funding of the project.
The ITPO will raise the Rs 1,054 crore balance amount through institutional loan, soft loan, external aid and land monetization.
The Union Government will guarantee the amount raised through institutional loan.
The redevelopment of Pragati Maidan is envisaged in two phases.The phase-1 is expected to be completed by May 2019. This phase will result in redevelopment of nearly 3.26 lakh square meters.
After redevelopment, the exhibition space will be doubled to 1.19 lakh square meters as against 65,000 square meters presently.
To ease road congestion, grade separator will be provided at the junction of Mathura Road and Bhairon Road.
Also, direct connectivity will be provided to the IECC through a subway from Mathura Road to Ring Road across Pragati Maidan.
Redevelopment will also include construction of a state-of-the-art Convention Center. The proposed center will have a seating capacity of 7,000.
For execution of this mega project, ITPO deployed the National Buildings Construction Corporation Ltd (NBCC) as a project management consultant.The ITPO will invite bids from global construction giants for execution of the project.