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The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, on 18 April 2026 has given its approval for the continuation of Pradhan Mantri Gram Sadak Yojana-III (PMGSY-III) beyond March 2025 upto March 2028. It involves consolidation of Through Routes and Major Rural Links connecting habitations to Gramin Agricultural Markets (GrAMs), Higher Secondary Schools and Hospitals. The revised outlay of the scheme will be Rs.83,977 crore.
The Cabinet further, amongst other things, approved the following:
Cabinet approves proposal for creation of ‘Bharat Maritime Insurance Pool’ (BMI pool) with a sovereign guarantee of Rs 12,980 crore to facilitate continuous maritime insurance coverages
The Domestic Insurance Pool addresses global volatility, geopolitical instability and reduces external Insurance dependency of Indian vessels
The pool covers all maritime risks like Hull and Machinery, Cargo, P&I and War risk, Covers vessels carrying cargo from any international origin to Indian ports and vice-versa, even when transiting volatile maritime corridors
Benefits:
The extension of the timeline of PMGSY-III will enable the full realization of its intended socio-economic benefits by ensuring completion of targeted upgradation of rural roads. It will significantly boost the rural economy and trade by enhancing market access for agricultural and non-farm products, reducing transportation time and costs, and thereby improving rural incomes. Improved connectivity will facilitate better access to education and healthcare institutions, ensuring timely delivery of essential services, particularly in remote and underserved areas.
The continued implementation will also generate substantial employment opportunities, both directly through construction activities and indirectly by promoting rural enterprises and services. Overall, the extension will contribute to inclusive and sustainable development by bridging the rural-urban divide and advancing the vision of Viksit Bharat 2047.