The Union Cabinet on Wednesday cleared a Rs 10,000-crore fund for startup companies and a mega spectrum auction that is likely to fetch about Rs. 5.66 lakh crore to the exchequer. Finance Minister Arun Jaitley also said the Cabinet had approved Rs 6,000-crore aid for apparel manufacturing. The government said the move will create around 1.75 lakh jobs in the industry in the next three years.

Other key decisions taken by the Cabinet include approving the Mahatma Gandhi Setu four-laning project, a special package to create one crore jobs in three years in the textile and apparel sector and withdrawal of the Drugs and Cosmetics Amendment Bill 2013. The government will soon come up with a new legislation on drugs.