The union cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved setting up a society for organising the 36th International Geological Congress (IGC) in 2020 and promoting geoscience in the Indian subcontinent.

An official release said that the "36th International Geological Congress (36IGC)" will be set up under the Indian Society Registration Act, 1860.

The event will be held in the national capital from March 2 to 6, 2020.

A budgetary outlay worth Rs.52 crore has been already approved by the Cabinet to carry out preparatory activities till 2018-19 and additional funds will be sought after revising the estimate a year before the main event.

The 36th IGC will be hosted jointly by the Ministry of Mines (MoM) and Ministry of Earth Sciences (MoES) with active support from the science academies of India and co-host neighboring countries.

It is expected to attract over 7,000 geoscientists from all over the world.

On being registered, the society will start preparing for the event by taking up activities including constitution of a Local Organizing Committee (LOC) and participation in the 35th IGC, which is scheduled to be held from August 27 to September 4, 2016, at Cape Town, South Africa.

The Society will be wound-up after the completion of the event.

The release said the event will benefit the entire geoscientific community and all geoscience-related domains including mineral exploration, mining, environmental management, climate change studies and management of natural hazards.

It is also expected to give a boost to geo-tourism in the country.

The statement said India made a bid to host the 36th IGC in India along with its co-host neighbouring countries, namely, Bangladesh, Nepal, Pakistan and Sri Lanka during the 34th IGC held at Brisbane, Australia in August 2012, and won it with an overwhelming support of the global geoscientific community.

India had earlier hosted the 22nd session of IGC - which was the first IGC in Asia - in 1964 in Delhi.