New Delhi, Sep 7 (IANS): The Union Cabinet on Wednesday approved a policy for long term leasing of railway land for implementing PM Gati Shakti framework.

Under it, long term leasing of railway land for a period of 35 years would be enabled for setting up cargo terminals.

In the next five years, 300 cargo terminals would be set up on railway land.

Minister for Information and Broadcasting Anurag Thakur told mediapersons after the Union Cabinet meeting that apart from leasing the land for setting up cargo terminals, these land parcels would also be used for setting up social infrastructures like hospitals and schools through public-private partnership mode.

In addition to this, solar plants would also be set up on railway land, the minister said further.

Thakur informed that land would be leased for new stakeholders for up to 35 years at 1.5 per cent of market value of the land.

Existing stakeholders can participate in this scheme through a transparent bidding system, he added.

The scheme will ensure about 1.2 lakh jobs and will also bring more revenue to Indian Railways, official sources said.