SOON BANKS WILL TAKE BACK HEFTY PAYOUTS FROM ERRANT CEOS
Did a bank CEO airbrush
financials to prop up profitability, make inadequate provisioning of sticky
loans or fail to meet regulatory norms of RBI, Sebi or IRDAI? He will no longer
be able to leave his job with hefty payouts in the form of bonuses and stock
options. New norms being framed the Reserve Bank of India (RBI) will ensure
that such benefits are taken back from the CEO. The RBI is working on a set of
rules that would link remuneration of banks CEOs to parameters like balance
sheet size of a bank, loan delinquency, profits and governance record. The
proposed framework is expected to provide a broad template to the board of directors
of banks while approving increase in salary, performance bonus and stock
options to the senior most executive. The RBI's compensation package policy for
bank CEOs will reduce the scope for interpretation on remuneration, and lead to
a significantly higher price being paid by them by way of clawback of stock
options and bonuses on non-compliance with the regulatory norms, according to a
report. A clawback provision enables a company to retrieve money already paid
to an executive for various reasons. The RBI is tightening the CEO compensation
norms in the wake of instances of large non-performing assets and sharp
practices adopted by top bank executives to dodge the regulators. The
regulatory guidance that exists today is a general directive on the
remuneration of senior officials in broad functions like ‘business’, ‘control’
and ‘risk’. What the RBI is considering is one that specifically relates to CEO
compensation. Two specific aspects of CEOs' contract — the extent of variable
pay and the possibility of including stock options in the same — will be up for
review even as well-defined terms of clawback are set to be written in,
according to report. What is sought by way of outcome is to make the linkage
between governance and compensation. The RBI is considering clear-cut clawback
terms for stock options and bonuses, making non-compliance of regulatory norms
the basis for clawbacks, making ESOPs part of the variable pay, bringing
uniformity to how private banks tabulate CEO pay and narrowing the scope to
interpret its norms by banks, says the report. Even today RBI clears the
remuneration of a bank CEO and has the powers to claw back a slice of it in
case of non-performance or governance lapses. However, a framework would ensure
that the board does not have to shoot in the dark while approving the package
for the CEO and referring it to RBI for its clearance, a person aware of the
plan had told.
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CIC SEEKS INCLUSION IN PROTOCOL LIST FOR GOVERNMENT
FUNCTIONARIES
The Central Information
Commission will soon approach the government for inclusion of the Chief
Information Commissioner and Information Commissioners in the warrant of
precedence which gives hierarchy of government functionaries for protocol
purposes, officials said. The CIC which is the highest adjudicating body for
RTI matters and is entrusted to ensure maintenance of transparency across all
government offices does not figure in the warrant of precedence even after
14-years of being set up, they said. The CIC came into being after the
Parliament enacted Right to Information Act in 2005. The warrant of precedence
is a protocol list in which the government functionaries are listed in
hierarchy of their rank and is led by the President followed by the Vice
President, the Prime Minister and other officials, they said. According to the
RTI Act, the terms and conditions of service of the Chief Information
Commissioner is at par with the Chief Election Commissioner while Information
Commissioner shall be the same as that of an Election Commissioner. The Chief
Election Commissioner is listed at 9A position in the warrant of precedence
which was issued on July 26, 1979. The issue was discussed in the meeting of
Central Information Commission where go ahead was given to approach appropriate
authorities for the inclusion of Chief Information Commissioner and Information
Commissioners in the warrant of precedence, the officials said. The Supreme
Court in a recent judgment on filling the vacancies of Information
Commissioners said, Insofar as terms and conditions of appointment are
concerned, no doubt, Section 13(5) of RTI Act states that the CIC and
Information Commissioners shall be appointed on the same terms and conditions
as applicable to the Chief Election Commissioner/Election Commissioner.
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CABINET APPROVES PROMULGATION OF THE BANNING OF UNREGULATED
DEPOSIT SCHEMES ORDINANCE, 2019
The Union Cabinet chaired
by Prime Minister Narendra Modi has approved the Promulgation of Unregulated
Deposit Schemes Ordinance, 2019. The proposed Ordinance will immediately tackle
the menace of illicit deposit taking activities in the country launched by
rapacious operators, which at present are exploiting regulatory gaps and lack
of strict administrative measures to dupe poor and gullible people of their
hard-earned savings, by altogether banning unregulated deposit taking schemes,
and having adequate provisions for punishment and disgorgement / repayment of
deposits in cases where such schemes nonetheless manage to raise deposits
illegally.
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CABINET APPROVES RELEASE OF AN ADDITIONAL INSTALLMENT OF DA TO
CENTRAL GOVERNMENT EMPLOYEES AND DR TO PENSIONERS, DUE FROM 1.1.2019
The Union Cabinet chaired
by Prime Minister Narendra Modi has given its approval to the release of an
additional instalment of Dearness Allowance (DA) to Central Government
employees, and Dearness Relief (DR) to pensioners w.e.f. 1.1.2019 representing
an increase of 3% over the existing rate of 9% of the Basic Pay/Pension, to
compensate for price rise. This increase is in accordance with the accepted
formula, which is based on the recommendations of the 7th Central Pay Commission
(CPC). The combined impact on the exchequer on account of both DA and DR would
be Rs. 9168.12 crore per annum and Rs. 10696.14 crore in the FY 2019-20 (for a
period of 14 months from January 2019 to February, 2020).This will benefit
about 48.41 lakh Central Government employees and 62.03 lakh pensioners.
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CABINET APPROVES THE PROPOSAL OF NATIONAL POLICY ON
ELECTRONICS 2019
The Union Cabinet today
gave its approval to the National Policy on Electronics 2019 (NPE 2019),
proposed by the Ministry of Electronics and Information Technology (MeitY). The
Policy envisions positioning India as a global hub for Electronics System
Design and Manufacturing - (ESDM) by encouraging and driving capabilities in
the country for developing core components, including chipsets, and creating an
enabling environment for the industry to compete globally.
Salient Features of NPE
2019
·
Create eco-system for
globally competitive ESDM sector: Promoting domestic manufacturing and export
in the entire value-chain of ESDM.
·
Provide incentives and
support for manufacturing of core electronic components.
·
Provide special package of
incentives for mega projects which are extremely high-tech and entail huge
investments, such as semiconductor facilities display fabrication, etc.
·
Formulate suitable schemes
and incentive mechanisms to encourage new units and expansion of existing
units.
·
Promote Industry-led
R&D and innovation in all sub-sectors of electronics, including grass root
level innovations and early stage Start-ups in emerging technology areas such
as 5G, loT/ Sensors, Artificial Intelligence (Al), Machine Learning, Virtual
Reality (VR), Drones, Robotics, Additive Manufacturing, Photonics, Nano-based
devices, etc.
·
Provide incentives and support
for significantly enhancing availability of skilled manpower, including
re-skilling.
·
Special thrust on Fabless Chip
Design Industry, Medical Electronic Devices Industry, Automotive Electronics
Industry andPower Electronics for Mobility and Strategic Electronics Industry.
·
Create Sovereign Patent
Fund (SPF) to promote the developmentand acquisition of IPs in ESDM sector.
·
Promote trusted
electronics value chain initiatives to improve national cyber security profile.
The implementation of the
Schemes/ Programmes under the aegis of the National Policy on Electronics 2012
(NPE 2012) has successfully consolidated the foundations for a competitive
Indian ESDM value chain. NPE 2019 proposes to build on that foundation to
propel the growth of ESDM industry in the country. The National Policy of
Electronics 2019 (NPE 2019) replaces the National Policy of Electronics 2012
(NPE 2012). Promote domestic manufacturing and export in the entire value-chain
of ESDM for economic development to achieve a turnover of USD 400 billion
(approximately INR 26,00,000 crore) by 2025. This will include targeted
production of 1.0 billion (100 crore) mobile handsets by 2025, valued at USD
190 billion (approximately INR 13,00,000 crore), including600 million (60
crore) mobile handsets valued at USD 110 billion (approximately INR 7,00,000
crore) for export.
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CABINET APPROVES PROPOSAL FOR PROMULGATION OF THE MUSLIM WOMEN
(PROTECTION OF RIGHTS ON MARRIAGE), SECOND ORDINANCE, 2019
The Union Cabinet, chaired
by the Prime Minister Narendra Modi, has given its approval to the following
proposals
·
Promulgation of an
Ordinance, namely the Muslim Women (Protection of Rights on Marriage) Second
Ordinance, 2019, as per Appendix-III (pages(9 to 12) under clause (1) of
article 123 of the Constitution; and
·
Move necessary official
amendments in the Muslim Women (Protection of Rights on Marriage) Bill, 2018
pending in Rajya Sabha to replace the aforesaid Ordinance with such
modifications of drafting and consequential nature as may be considered
necessary.
·
The proposed Ordinance
will protect the rights of married Muslim women and prevent divorce by the
practice of instantaneous and irrevocable ‘talaq-e-biddat’ by their husbands.
It will discourage the practice of triple talaq i.e. talaq-e-biddat.
Promulgation of the proposed Ordinance will provide the rights of subsistence
allowance, custody of minor children to victims of triple talaq i.e.
talaq-e-biddat.
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CABINET APPROVES PROPOSAL FOR PROMULGATION OF THE INDIAN
MEDICAL COUNCIL (AMENDMENT) SECOND ORDINANCE, 2019
The Union Cabinet chaired
by Prime Minister Narendra Modi has approved the following proposals
·
Promulgation of an
Ordinance, namely the Indian Medical Council (Amendment) Second Ordinance,
2019; and
·
To bring in necessary
official amendments in the Indian Medical Council (Amendment) Bill, 2018
pending in Parliament for replacing the said Ordinance.
The proposal will enable
the Board of Governors(BOG) appointed in supersession of Medical Council of
India (MCI) as per the provisions of earlier Ordinance to continue to exercise
the powers of MCI and that of Central Government under Section 10A of the
Indian Medical Council (IMC) Act, 1956 so as to ensure transparency,
accountability and quality in the governance of medical education in the
country. It will ensure that the work already done by the BOG as per provisions
of earlier Ordinance is validated and may continue.
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CABINET APPROVES SETTING UP A NEW COMPANY UNDER DEPARTMENT OF
SPACE
The Union Cabinet chaired
by Prime Minister Narendra Modi has given its approval to the Setting up of a
new company under Department of Space (DoS), to commercially exploit the research
and development work carried out by Indian Space Research Organization (ISRO)
Centers and constituent units of DOS. The following areas/avenues provide
opportunities for commercial exploitation of ISRO programmes:
·
Small satellite technology
transfer to industry, wherein the new company shall take license from DoS/ISRO
and sub-license to industries;
·
Manufacture of small
satellite launch vehicle (SLV) in collaboration with the Private Sector;
·
Productionisation of Polar
SLV through industry;
·
Productionisation and
marketing of Space-based products and services, including launch and
applications;
·
Transfer of Technology
developed by ISRO Centers and constituent units of DoS;
·
Marketing of some spin-off
technologies and products, both in India and abroad; and
·
Any other subject which
Government of India deems fit.
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CABINET APPROVES MOU BETWEEN INDIA AND MOROCCO ON THE
RECIPROCAL FACILITATION OF PROCEDURES FOR ISSUE OF BUSINESS VISA
The Union Cabinet chaired
by Prime Minister Narendra Modi has given ex-post facto approval to the
Memorandum of Understanding (MoU) between India and Morocco on the Reciprocal
facilitation of procedures for issue of Business Visa. The MoU aims to
facilitate issuance of multiple entry business visa to nationals of the two
countries who wish to travel to the territory of the other country to make a
business deal, establish an industrial / business project, buy/sell industrial
products, or set up other business / investments related to these activities.
Such visas are normally required to be issued for a period of up to 12 months
within a specified time limit of 7 days in regular cases. In cases whether
further scrutiny is required, both sides may inform the applicant accordingly.
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CABINET APPROVES AHMEDABAD METRO RAIL PROJECT PHASE II
The Union Cabinet chaired
by Prime Minister Narendra Modi has approved the following proposals
·
Implementation of
Ahmedabad Metro Rail Project Phase-II, which comprises two corridors of total
length 28.254 i.e. Corridor 1 from Motera Stadioum to Mahatma mandir for a
length of 22.838 km. and Corridor 2 from GNLU to GIFT City for a length of
5.416 km at a total completion cost of Rs. 5384.17 crores.
·
The institutional arrangement
and legal framework for the project.
·
Conditions of sanction of
the project.
·
Implementation of the
project will provided the much-needed additional public transport
infrastructure to Ahmedabad and Gandhinagar.
To streamline the urban
transportation system in Ahmedabad and Gandhinagar, which is stressed due to
intensive developments, increase in the number of private vehicles and heavy
construction in the city, putting stress on travel infrastructure and
industrial activities, and by providing the people a safe, secure, reliable and
comfortable public transport. The Metro Rail project itself is an innovation
over the conventional system of urban transport. The project involves
integration with other urban transport systems in an efficient and effective
manner which is possible only by adopting innovative methods of designing,
technology and institutional management.
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CABINET APPROVES SWADESH DARSHAN SCHEME: INTEGRATED
DEVELOPMENT OF THEME-BASED TOURIST CIRCUITS IN THE COUNTRY
The Union Cabinet, chaired
by the Prime Minister Narendra Modi has approved the following proposals
·
Continuation of the
Swadesh Darshan Scheme during 14th Finance Commission period and beyond;
·
Rs. 2055.96 crores for 60
on-going projects completing in December 2019; and
·
Rs. 324.09 crores for 6
projects for which substantial funds have been released and projects to be
completed in September 2020.
·
Swadesh Darshan Scheme -
Integrated Development of theme based tourist circuits is the flagship scheme
of Ministry of Tourism for development of tourism infrastructure in the
country.
The scheme has following
objectives
·
Position tourism as a
major engine of economic growth and job creation;
·
Develop circuits having
tourist potential in a planned and prioritized manner;
·
Promote cultural and
heritage value of the country to generate livelihoods in the identified
regions;
·
Enhance the tourist
attractiveness in a sustainable manner by developing world class infrastructure
in the circuit/destinations;
·
Follow community based
development and pro-poor tourism approach;
·
Create awareness among the
local communities about the importance of tourism for them in terms of
increased sources of income, improved living standards and overall development
of the area.
·
Create employment through
active involvement of local communities;
·
Harness tourism potential
for its effects in employment generation and economic development.
·
Make full use of the
potential and advantages in terms of available infrastructure, national culture
and characteristic strong points of each and every region throughout the
country by development of theme based circuits.
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CABINET APPROVES IMPLEMENTATION OF THE NATIONAL RURAL ECONOMIC
TRANSFORMATION PROJECT
The Union Cabinet chaired
by Prime Minister Narendra Modi has approved the Implementation of an
Externally Aided Project namely National Rural Economic Transformation Project
(NRETP) under the Deendayal Antyodaya Yojana – National Rural Livelihoods
Mission (DAY-NRLM) through loan assistance (IBRD Credit) from World Bank. The
technical assistance provided by NRETP and the higher level interventions
facilitated by the project will enhance the livelihoods promotion and access to
finance and scale-up initiatives on digital finance and livelihood
interventions. DAY-NRLM lays special emphasis on targeting the poorest of the
poor and the most vulnerable communities and their financial inclusion. Innovative
projects will be undertaken under NRETP to pilot alternate channels of
financial inclusion, creating value chains around rural products, introduce
innovative models in livelihoods promotion and access to finance and scale-up
initiatives on digital finance and livelihoods interventions. DAY-NRLM provides
for mutually beneficial working relationship and formal platforms for
consultations between Panchayati Raj Institutions (PRIs) and Community Based
Organizations (CBOs). NRLM has also developed activity map to facilitate
convergence in different areas of interventions where NRLM institutions and
PRIs could work together which has been disseminated to all state Rural
Livelihood Missions.
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CABINET APPROVES PHASE-II OF GRID CONNECTED ROOFTOP SOLAR
PROGRAMME
The Cabinet Committee on
Economic Affairs chaired by the Prime Minister, Shri Narendra Modi has given
its approval for the Phase-II of Grid Connected Rooftop Solar Programme for
achieving cumulative capacity of 40,000 MW from Rooftop Solar (RTS) Projects by
the year 2022. The programme will be implemented with total central financial
support of Rs.11,814 crore. In the Phase-II Programme Central Financial
Assistance (CFA) for the residential sector has been restructured with
availability of 40% CFA for RTS systems up to 3 kW capacity and 20% for RTS
system capacity beyond 3 kW and up to 10 kW. For Group Housing
Societies/Residential Welfare Associations (GHS/RAW), CFA will be limited to
20% for RTS plants for supply of power to common facilities, however, the
capacity eligible for CFA for GHS/RAW will be limited to 10 kW per house with
maximum total capacity upto 500 kWp, inclusive of RTS put in individual houses
in the GHS/RWA. CFA under residential category will be provided for 4000 MW
capacity and the same will be provided on the basis of benchmark cost or tender
cost, which is lower. Central financial support will not be available for other
category i.e., institutional, educational, social, government, commercial,
industrial, etc. The incentives to the DISCOMs will be available only for
initial capacity addition of 18,000 MW under the scheme. The Programmes will
have substantial environmental impact in terms of savings of CO2 emission. Considering
average energy generation of 1.5 million units per MW, it is expected that
addition of 38 GW solar rooftop plants under Phase-II by year 2022 will result
in CO2 emission reduction of about 45.6 tonnes per year. The programme has
directed employment potential. Besides increasing self-employment the approval
is likely to generate employment opportunity equivalent to 9.39 lakh job years
for skilled and unskilled workers for addition of 38GW capacity under Phase-II
of the scheme by the year 2022.
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CABINET APPROVES PROPOSAL FOR CONSTITUTION OF DEVELOPMENT AND
WELFARE BOARD FOR DE-NOTIFIED, NOMADIC AND SEMI-NOMADIC COMMUNITIES
The Union Cabinet chaired
by Prime Minister Narendra Modi has given its approval for constitution of
Development and Welfare Board for Denotified, Nomadic and Semi-nomadic
Communities (DNCs). The NDA Government is committed to reach the most deprived
citizens of this country. Amongst the most disadvantage communities in the country
are the Denotified, Nomadic and Semi-Nomadic Communities (DNCs). These
communities are hard to reach, less visible, and therefore frequently left out.
While most DNTs are spread across the Scheduled Castes (SC), Scheduled Tribes
(ST) and Other Backward Classes (OBC) categories, some DNTs are not covered in
any of the SC. ST or OBC categories. It has, therefore, approved the setting up
of a Committee under the Chairpersonship of Vice-Chairman, NITI Aayog which
will complete the process of identification of the Denotified, Nomadic and
Semi-Nomadic Communities (DNCs) that have not yet been formally classified. The
Government in July 2014 had constituted National Commission for Denotified,
Nomadic and Semi-Nomadic Tribes (NCDNT) for a period of three years to prepare
a State-wise list of castes belonging to Denotified and Nomadic Tribes and to
suggest appropriate measures in respect of Denotified and Nomadic Tribes that
may be undertaken by the Central Government or the State Government. The
Commission started its work on 09.01.2015 submitted its report on 8th January,
20IS. The Commission recommended for the setting of up a Permanent Commission
for these communities. Since most of the DNTs are covered in SC, ST or OBC,
constitution of a Permanent Commission will not be very effective in
implementing development programmes, rather it will look at grievance redressal
and will therefore be in conflict with mandate of existing commissions for SCs
(National Commission for Scheduled Castes)., STs (National Commission for
Scheduled Tribes) and OBCs (National Commission for Backward Classes). The
Government has therefore decided to set up a Development and Welfare Board
under the Societies Registration Act, 1860 under the aegis of Ministry of
Social Justice and Empowerment for the purpose of implementing development and
welfare programmes for Denotified, Nomadic and Semi-nomadic Communities.
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CABINET APPROVES LAUNCH KISAN URJA SURAKSHA EVAM UTTHAAN
MAHABHIYAN
The Cabinet Committee on
Economic Affairs, chaired by Hon'ble Prime Minister Shri Narendra Modi has
approved launch of Kisan Urja Suraksha evam Utthaan Mahabhiyan with the objective
of providing financial and water security to farmers The proposed scheme consists
of three components
·
Component-A: 10,000 MW of
Decentralized Ground Mounted Grid Connected Renewable Power Plants.
·
Component-B: Installation
of 17.50 lakh standalone Solar Powered Agriculture Pumps.
·
Component-C: Solarisation
of 10 Lakh Grid-connected Solar Powered Agriculture Pumps.
·
All three components
combined, the scheme aims to add a solar capacity of 25,750 MW by 2022. The
total central financial support provided under the scheme would be Rs. 34,422
crore.
·
The Component-A and
Component-C will be implemented on pilot mode for 1000 MW capacity and one lakh
grid connected agriculture pumps respectively and thereafter, will be scale-up
on success of pilot run. Component-B will be implemented in full-fledged
manner.
Under Component A,
Renewable power plants of capacity 500 KW to 2 MW will be setup by individual
farmers/ cooperatives/panchayats /farmer producer organisations (FPO) on their
barren or cultivable lands. The power generated will be purchased by the
DISCOMs at Feed in tariffs determined by respective SERC. The scheme will open
a stable and continuous source of income to the rural land owners. Performance
Based Incentives @ Rs. 0.40 per unit for five years to be provided to DISCOMs.
Under Component B, individual farmers will be supported to install standalone
solar pumps of capacity up to 7.5 HP. Solar PV capacity in kW equal to the pump
capacity in HP is allowed under the scheme. Under Component C of the scheme,
individual farmers will be supported to solarise pumps of capacity up to 7.5
HP. Solar PV capacity up to two times of pump capacity in kW is allowed under
the scheme. The farmer will be able to use the generated energy to meet the
irrigation needs and the excess available energy will be sold to DISCOM. This
will help to create an avenue for extra income to the farmers, and for the
States to meet their RPO targets.
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CABINET APPROVES CONTINUATION OF KHADI GRAMODYOG VIKAS YOJANA
FROM 2017-18 TO 2019-20
The Cabinet Committee on
Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved
the approval to the following:
I. To continue the
existing schemes of MPDA, Khadi Grant, ISEC and Village Industry Grant, all
subsumed under 'Khadi and Gramodyog Vikas Yojana' at the total cost of Rs. 2800
crore for the period 2017-18 to 2019-20;
II. To bring in a new
component of 'Rozciar Yukt Gaon' to introduce enterprise-based operation in the
Khadi sector and to create employment opportunities for thousands of new
artisans in the current and next financial year (2018-19 and 2019-20).
Rozgar Yukta Gaon (RYG)
aims at introducing an 'Enterprise-led Business Model' in place of 'Subsidy-led
model' through partnership among 3 stakeholders- KRDP-assisted Khadi
Institution, Artisans and Business Partner. It will be rolled out in 50
Villages by providing 10,000 Charkhas, 2000 looms & 100 warping units to
Khadi artisans, and would create direct employment for 250 Artisans per
village. The total Capital Investment per village shall be Rs.72 Lakh as subsidy,
and Rs.1.64 Crore in terms of Working Capital from the Business Partner. Under
the Village Industry verticals, special focus shall be on Agro-based and food
processing (Honey, Palmgur etc.), Handmade Paper and Leather, Pottery and
Wellness and Cosmetics sectors through Product Innovation, Design Development
& Product Diversification. For this initiative, advanced skill development
programmes shall be conducted through existing Centres of Excellence such as
CGCRI, CFTRI, IIFPT, CBRTI, KNHPI, IPRITI etc. Another intervention is to set
up 4 Design Houses across the country to capture regional variations, to
provide access to Khadi Institutions, to evolve modern designs, ethnic wear
etc. with an investment of Rs.5 crore each.
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CABINET APPROVES METHODOLOGY FOR ALLOWING THE ALLOCATE OF COAL
MINES FOR SPECIFIED END USE OR OWN CONSUMPTION
The Cabinet Committee on
Economic Affairs, chaired by Hon'ble Prime Minister Shri Narendra Modi has approved
the methodology for allowing the allocatee of coal mines for specified end use
or own consumption to sell 25% of actual production on ROM basis in open market
with payment of additional premium on such sale under the Coal Mines (Special
Provisions) Act, 2015 and the Mines and Minerals (Development and Regulation)
Act, 1957. This new methodology provides that, in case of coal mines earmarked
for specified end uses or own consumption, the allocatees are mandated to
utilize a minimum of 75% of its actual production (ROM basis) in specified end
use plants and are allowed to sell upto 25% in open market. In case of
auctions, the successful bidder shall be required to pay an additional premium
of 15% of its final bid price on per tonne basis, for the actual quantity of
coal sold in open market. The additional premium will be over and above the
final bid price. In case of allotments, the successful allotee shall be
required to pay an additional reserve price of 15% of the Reserve Price, for
the actual quantity of coal sold in open market. The additional reserve price
will be over and above the Reserve Price. This methodology attempts to address
the issue of lack of response from the bidders during the earlier tranches of
auction/allotment under the Coal Mines (Special Provisions) Act, 2015. The
methodology will give certain flexibility to allocattee in cases of change in
economic situation, business cycle, End Use Plant requirement etc. It is
expected to make the on-going and future tranches of auction and allotment
attractive and commercially viable and may increase the competition in the
auction process. It is also expected to increase competitiveness and tine
higher investment should create direct and indirect employment in coal bearing
areas especially in mining sector and will have an impact on economic
development of these regions. Presently, the allocatee of coal mines for
specified end use or own consumption are not permitted to sell coal in open
market. As per existing conditions, any coal which is extracted in excess of
the requirement of the Bidder in terms of conditions of Tender Document is
required to be supplied to CIL at the CIL Notified Price less 15 percent of
such CIL Notified Price (to take care of CIL handling expenses with respect to
such coal). Also such sale should not exceed 50% of the annual coal production
from the mine.
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CABINET APPROVES CADRE REVIEW OF 8 ORGANIZED GROUP 'A'
SERVICES IN RAILWAYS
The Union Cabinet, chaired
by the Prime Minister Narendra Modi has approved the proposal for Cadre Review
of 8 organized Group 'A' Services in Railways namely Indian Railway Accounts
Service (IRAS), Indian Railway Personnel Service (IRPS), Indian Railway Traffic
Service (IRTS), Indian Railway Service of Engineers (IRSE), Indian Railway
Service of Electrical Engineers (IRSEE), Indian Railway Service of Mechanical
Engineers (IRSME), Indian Railway Stores Service (IRSS), Indian Railway Service
of Signal Engineers (IRSSE). Cabinet has also approved encadrement of the post
of Member(staff) a cadre post for IRPS and re-designation of the posts of
Director General (Signal & Telecom), Director General (Stores) and Director
General (Safety) as Member(S&T), Member (Materials Management) as Director
General (Safety) respectively. This Cadre Review was pending since 2012 and
will benefit 900 officers of these services.
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CABINET APPROVES REVISIONS/MODIFICATIONS IN NATIONAL PROGRAMME
FOR MID-DAY MEAL IN SCHOOLS
The Cabinet Committee on
Economic Affairs chaired by the Prime Minister has approved the revision of
norms under Mid Day Meal Scheme with an outlay of Rs.12,054 Crore for 2019-20
in addition to the subsidy of about Rs. 8,000 crore borne by Department of Food
& Public Distribution. The following revised norms and inclusion of new
components would improve the efficiency and effectiveness of the scheme:
·
Annual increase in Cooking
cost linked to Inflation Index. This year Cooking cost is enhanced to Rs. 4.35
and Rs. 6.51 per child per school day, thus Cooking cost is enhanced by Rs 361
crore. This will offset the impact of inflation on the food items under Mid Day
Meal Scheme.
·
Revision of the
transportation rate from Rs 75 per quintal, for other than NE & Himalayan
States to PDS rate (subject to maximum of Rs.150 per quintal).
·
Revision of Management.
Monitoring and Evaluation (MME) rate from 2% to 3% of the total admissible
recurring Central Assistance. This would enable the States and UTs for better
supervision and monitoring of the scheme,
·
The assistance for kitchen
devices has been enhanced from flat rate of Rs 5,000 per school to Rs 10,000 -
Rs 25,000 based on enrolment. This would enable the schools for procuring /
replacing adequate kitchen devices.
·
A new component of Rs
10,000 per kitchen for repair of more than 10 year old kitchen has been
introduced. This will help in their maintenance and upkeep.
·
Rs 50 crore have been
allocated for fortification of food items in a systematic manner. This will
address the problems of anaemia and other micro nutrient deficiencies. Kitchen
gardens in schools will also be encouraged.
·
Delegation of power of
implementing the scheme with minor modifications from the existing guidelines
(i.e Central / State Govt.) to District Level Committee Chaired by the District
Magistrate. This will facilitate better delivery of the scheme suitable to
local needs.
·
The States and UTs have
been given flexibility to utilize, with the prior approval of MHRD, 5% of their
Annual Work Plan & Budget for new interventions. This will help the States
and UTs in undertaking innovative activities.
·
Concept of community
participation in the form of Tithi Bhojan will be encouraged under which people
from the community celebrate important days such as child birth, marriage,
birthdays etc. by contributing to the Mid Day Meal Scheme. Tithi Bhojan is not
a substitute to Mid Day Meal but it supplements or compliments Mid DayMeal.
·
Cooking competitions at
Block, District and State levels will be organised to promote innovative menus.
·
Use of Pulses from buffer
stock -The States and UTs may procure pulses as per their local taste for the
Mid-Day Meal from the Central buffer stock created by the Government of India.
·
Monitoring of attendance -
The Ministry of HRD has worked with States and UTs to implement a technology
based (SMS, IVRS & Mobile App) Automated Monitoring System by which
information on attendance at the Mid Day Meal is collected every day from
schools. At present, the level of daily uploading of data has reached 56% of
all schools.
·
Usage of Jails, Temples,
Gurudwaras etc, for Mid Day Meal - All States and UTs are being advised to
involve community and other agencies such as Jails, Temples, Gurudwaras etc. in
the Mid Day Meal Scheme.
Government of India incurs
more than Rs 17,600 crore in the scheme including the subsidy of about Rs.7,600
crore on food grains. The average per meal cost borne by Central Government is
Rs 6.64 and Rs. 9.59 for students of primary and upper primary classes,
respectively.
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CABINET APPROVES DELHI-GHAZIABAD-MEERUT CORRIDOR OF RRTS
The Union Cabinet has approved
the following proposal
·
Construction of Regional
Rapid Transit System (RRTS) covering a distance of 82.15 kms. (68.03 kms.
elevated and 14.12 km. underground) at a total completion cost of Rs. 30,274
crores;
·
Central financial
assistance of Rs. 5,634 crores in the form of grant and sub-ordinate debt;
·
Institutional arrangement
and legal framework for the project. And
·
Conditions of sanction of
the project.
The RRTS is a
first-of-its-kind, rail-based, high-speed regional transit system to be
implemented in India. Once operational, it will be the fastest, most
comfortable and safest mode of commuter transport in the National Capital
Region (NCR). The project involves integration with other urban transport
systems in an efficient and effective manner which is possible only by adopting
innovative methods of designing, technology and institutional management. The
RRTS aims to streamline the urban transportation system, which is stressed due
to intensive developments, and increase in the number of private vehicles, thus
putting stress on travel infrastructure and industrial activities, and by
providing the people a safe, secure, reliable, fast and comfortable public
transport. The project is meant to ensure ‘Universal Access’ by being sensitive
to the needs of women, children and vulnerable sections of the society. Safe,
secure and comfortable public transport is not only critical for increasing
attractiveness of public transport, but also to encourage greater mobility and
participation of vulnerable and marginalized sections of the society to promote
equity and inclusive development.
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CABINET APPROVES AGREEMENT ON SIMPLIFICATION OF VISA
REQUIREMENTS FOR TRAVEL OF CERTAIN CATEGORIES OF CITIZENS BETWEEN INDIA AND
SOUTH AFRICA
The Union Cabinet, chaired
by the Prime Minister Shri Narendra Modi, has approved the signing of Agreement
between India and South Africa on simplification of visa requirements for
travels of certain categories of citizens. The Agreement aims to facilitate
issuance of multiple entry visa to nationals of the two countries who wish to
travel to the territory of the other country for tourism, medical, business and
official purpose. Such visas are normally required to be issue for a period of
up to five years within a specified time limit of five days. In cases where
further scrutiny is required both sides may inform the application accordingly.
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CABINET APPROVES CONTINUATION OF PRADHAN MANTRI AWAAS YOJANA –
GRAMIN BEYOND MARCH, 2019 (PMAY-G PHASE-II)
The Union Cabinet chaired
by Prime Minister Shri Narendra Modi has approved the implementation of Pradhan
Mantri Awaas Yojana – Gramin (PMAY-G) beyond March, 2019 (PMAY-G) Phase-II as
follows:
·
Total target for
construction of 1.95 crore houses under PMAY-G Phase-II upto 2022.
·
Continuation of rural
housing scheme Pradhan Mantri Awaas Yojana -
·
Gramin (PMAY-G) in
Phase-ll till 2019-20 as per the existing norms of PMAY-G Phase-l, with a
target of 60 lakh houses involving financial implication of Rs.76,500 crore (Central'Share
of Rs. 48,195 crore and State share of Rs.28,305 crore)
·
Continuation of the scheme
beyond 2019-20 upto 2021-22 in the next finance commission cycle, after due
appraisal and approval based on third party evaluation of scheme/programme as
per the extant procedure.
·
Inclusion of additional
eligible households from the final Awaas+ list into the Permanent Wait List
(PWL) of PMAY-G, with a ceiling of 1.95 Cr, on priority for those States / UTs
where PWL is exhausted and allocate target to these States / UTs with the
approval of the Minister of Rural Development in consultation with the Ministry
of Finance.
·
Continuation of Program
Management Unit (PMU) and National Technical Support Agency (NTSA) till
2019-20.
·
Borrowing for additional
financial requirement through existing mechanism of EBR till the validity of
the scheme.
·
Reduction in
administrative expenses from 4% to 2% of programme funds. 2% of the programme
funds allocated for administrative component, shall be bifurcated. 0.30% of the
programme funds shall be retained at the central level and the remaining 1.70%
of the programme fund shall be released to the States/UTs as Administrative
Fund.
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CABINET APPROVES AGREEMENT ON PROPOSED PARTICIPATION OF INDIA
IN PISA
The Union Cabinet, chaired
by the Prime Minister Narendra Modi has given ex-post facto approval to the
Agreement between India and the Organization for Economic Cooperation and
Development (OECD) for participating in the Programme for International
Students Assessment (PISA), which will be conducted by the OECD in 2021. The
Agreement was signed on 28th January 2019. Learnings from participation in PISA
will help to introduce competency-based examination reforms in the school
system and help move away from rote learning.The Central Board of Secondary
Education (CBSE) and the National Council for Educational Research and Training
(NCERT) will be part of the process and activities leading to the actual test.
PISA is a competency-based assessment which unlike content-based assessment,
measures the extent to which students have acquired key competencies that are
essential for full participation in modern societies. It would lead to
recognition and acceptability of Indian students and prepare them for the
global economy in the 21st century. The CBSE and the NCERT will be part of the
process and activities leading to the actual test. Schools run by the Kendriya
Vidyalaya Sangathan (KVS), Navodaya Vidyalaya Samiti (NVS) and schools in the
Union Territory of Chandigarh will participate. More than 80 countries,
including 44 middle-income countries including Brazil, China, Thailand,
Indonesia, Malaysia and Vietnam have participated in PISA
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CABINET APPROVES CREATION OF ONE POST OF SECRETARY AND ONE
POST OF JOINT SECRETARY IN THE NEWLY CREATED DEPARTMENT OF FISHERIES
The Union Cabinet, chaired
by the Prime Minister Shri Narendra Modi, has approved one post of Secretary in
the level 17 (Rs.2,25,000/- fixed) and one post of Joint Secretary in the level
14 of the Pay Matrix (Rs.144200-218200) in the Department of Fisheries on
permanent basis to ensure smooth functioning and fulfil the mandate of the
newly created Department. Newly created posts would enable the Department of
Fisheries to undertake/monitor number of projects/schemes for the development
of the sector, the welfare and protection of the interest of the large number
of Fishermen.
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CABINET APPROVES REFORMS IN EXPLORATION AND LICENSING POLICY
FOR ENHANCING DOMESTIC EXPLORATION AND PRODUCTION OF OIL AND GAS
The Union Cabinet chaired
by Prime Minister Shri Narendra Modi has approved the Policy framework on
reforms in exploration and licensing sector for enhancing domestic exploration
and production of oil and gas. The objective of the Policy is to attract new
investment in Exploration and Production (E&P) Sector, intensification of
exploration activities in hitherto unexplored areas and liberalizing the policy
in producing basins. Considering stagnant/declining domestic production of oil
and gas, rise in import dependence and decline in investment in E&P
activities, the need to bring further policy reforms was felt. The policy
reforms focus on four major areas. Firstly, increasing exploration activities
in unexpected areas. In basins where no commercial production is there,
exploration blocks would be bid out exclusively on the basis of exploration
work programme without any revenue or production share to Government. Royalty and
statutory levies, however, will be paid by Contractor. For
unallocated/unexplored areas of producing basins, the bidding will continue to
be based on revenue sharing basis but more weightage to work programme. An
upper ceiling on biddable revenue share has also been prescribed to prevent
unviable bids. The policy also provides for shorter exploration period and
fiscal incentive for commencement of early production. Contractor will have
full marketing and pricing freedom for crude oil and natural gas to be sold at
arm's length basis through transparent and competitive bidding process.
Secondly, to incentivize enhanced gas production, marketing and pricing freedom
has been granted for those new gas discoveries whose Field Development Plan
(FDP) is yet to be approved Fiscal incentive is also provided on additional gas
production from domestic fields over and above normal production Thirdly, to
enhance production from existing nomination fields of ONGC and OIL, enhanced
production profile will be prepared by both PSUs. For production enhancement,
bringing new technology, and capital, NOCs will be allowed to induct private
sector partners Fourthly measures will be initiated for promoting ease of doing
business through setting up coordination mechanism and simplification of
approval of DGH, alternate dispute resolution mechanism etc. Through this
policy, a transparent, investor friendly and competitive policy framework is
envisaged to accelerate exploration activities and provide impetus to
expeditious production of oil and gas. The production enhancement scheme for
nomination field of NOCs is likely to augment production by leveraging new
technology, capital and management practices through private sector
participation. With enhanced E&P activities, there would be macro-economic
spin off benefits in terms of development of support services, employment
generation, transfer of advanced technology etc. The enhanced production would
help in reducing import dependence, improve energy security of country and save
the precious foreign exchange on import bill.
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CABINET APPROVES MOU BETWEEN KOREA AND INDIA
The Memorandum of
Understanding (MoU) between the Korean National Police Agency, Republic of
Korea and the Ministry of Home Affairs, India on combating transnational crime
and developing police cooperation is proposed to be signed The proposed MOU
aims to improve the effectiveness of both countries in the prevention and
suppression of crimes including crime relating to terrorism and transnational
organized crime and to establish a framework for enhancing cooperation between
the officials of intelligence and law-enforcement agencies of the two
countries.
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CABINET APPROVES MOU BETWEEN INDIA AND VIETNAM FOR COOPERATION
IN THE FIELD OF COMMUNICATIONS
The Union Cabinet chaired
by Prime Minister Narendra Modi has given ex-post facto approval to the MoU
between India and Vietnam for Cooperation in the field of Communications. The
MoU will contribute in strengthening bilateral cooperation and mutual
understanding in the field of communications.
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CABINET APPROVES MOU BETWEEN INDIA AND MOROCCO TO FACILITATE
MUTUAL RECOGNITION OF ACADEMIC QUALIFICATIONS
The Union Cabinet chaired
by Prime Minister Narendra Modi has given ex-post facto approval to the
Memorandum of Understanding (MoU) between India and Morocco to facilitate
Mutual Recognition of Academic Qualifications. The MoU was signed on 22nd
January 2019. The MoU will deepen, enhance and strengthen the cooperation
between India and Morocco in the field of Education and Human Resource
Development. The collaboration in the field of education through this MoU will
enable experience sharing and thereby improving the platform to cater to the
needs of various target groups. Also, the collaboration is expected to increase
the inflow of Moroccan students to India under the Study in India Programme.
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CABINET APPROVES TRANSFER OF 50.76 ACRES LAND AT SARANGPUR,
CHANDIGARH TO THE PGIMER, CHANDIGARH
The Union Cabinet chaired
by the Prime Minister Narendra Modi has approved the proposal for transfer of
50.76 acres of land at Sarangpur, Chandigarh to the Postgraduate Institute of
Medical Education & Research, Chandigarh. This will benefit in screening
OPD patients, triaging the patients and managing them optimally. Cancer
management research & Palliative care would be provided under one roof
besides setting up of Learning Resource Centre (LRC) and Multi Level Parking
etc.
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GOVT MAY LAUNCH EXCHANGE TRADED FUND OF PSU BANK STOCKS NEXT
FISCAL: REPORT
The finance ministry is mulling
launching an exchange traded fund consisting of PSU bank stocks in the next
financial year, an official said. We are open to the idea of floating an ETF
consisting of stocks of PSU banks We are studying the price movement of the
probable stocks which could form part of the index, the official told. The bank
exchange traded fund (ETF) would be in addition to the two ETFs -- CPSE ETF and
Bharat-22 ETF -- launched by the government which have seen huge investor
demand. The government has raised Rs 32,900 crore through Bharat-22 ETF since
2017, and Rs 28,500 crore from CPSE ETF since 2014. Individual bank scrips may
not be attractive for investors at the moment but bunching of banking stocks
through ETFs might see investor demand pick up, he said. Among the 20 public
sector banks, the government holds 58.53 per cent stake in SBI, 70.22 per cent
in Punjab National Bank, 70.62 per cent in Canara Bank, 77.23 per cent in
Oriental Bank of Commerce and 83.09 per cent in Bank of India. Besides, it
holds 63.74 per cent in Bank of Baroda, 87.01 per cent in Bank of Maharashtra
and 67.43 per cent in Union Bank of India. Atanu Chakraborty had earlier said
DIPAM would conduct a study to provide risk-free investment option to retail
investors in the form of sector-specific ETFs.
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GOVERNMENT SETS UP COMMITTEE FOR SALE OF 'ENEMY SHARES' WORTH ₹3,000 CRORE
The Centre has constituted
a high-level committee comprising top bureaucrats, to recommend the quantum and
price or price band for sale of 'enemy shares' worth ₹3,000
crore The move comes nearly two years after Parliament amended the Enemy
Property Act to ensure that the successors of those who migrated to Pakistan
and China during partition and 1962 war respectively will have no claim over
the properties or shares left behind in India The high-level committee, to be
jointly headed by Union Home Secretary and Secretary, Department of Investment
and Public Assets Management, may recommend the quantum and price or price band
for sale of enemy share or the principles or mechanism or method for sale of
enemy share to the high-power committee, headed by Union Home Minister,
according to a home ministry notification. Before making any recommendation to
the high power committee, the high- level committee shall seek from the custodian
of enemy property for India to certify that the sale of enemy share is not in
contravention of any judgment, decree or order of any court, tribunal or other
authority or any law for the time being in force and can be disposed of by the
government, it said. The notification said as an alternative mechanism the
central government may constitute a high-power committee consisting of the home
minister, finance minister and minister of road transport and highways. A total
6,50,75,877 shares in 996 companies of 20,323 shareholders are under the
custody of custodian of Enemy Property for India, which is worth about ₹3,000
crore, according to a government estimate. Of these companies, 588 are
functional or active companies, 139 of these are listed with remaining being
unlisted. In a reply to Parliament, the government had said the total valuation
of immovable enemy property in the country stands at ₹1.04
lakh crore. The total number of immovable property with the custodian of enemy
property is 9,280 which is spread over around 11,773 acres of land.
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MIN OF COMMERCE MAKES PLANS TO IMPROVE EASE OF DOING BUSINESS
AT DISTRICT LEVEL: PRABHU
Ministry of Commerce and
Industry has made a plan to improve the ease of doing business at district
level said Suresh Prabhu. This was the first ever direct interaction with trade
and export bodies at this scale by the Ministry of Commerce and Industry. This
was an effort to establish a dialogue with them. Prabhu said that Government’s
duty is to help industry to grow and facilitate business by simplifying
regulations The Minister referred to the jump made by India to 77 position in
the ease of doing business ranking and said that the agriculture export policy
will help in creating new avenues for exports of India’s superior agricultural
products. He said If GDP of districts grow by 3% it will lead to overall growth
of national GDP.
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IRMA COLLABORATES WITH NABARAD, BIRD TO FACILITATE MSME
FINANCING
Eyeing to facilitate
Micro, Small and Medium Enterprises (MSMEs) in financing, Institute of Rural
Management Anand (IRMA) has entered into an agreement with National Bank for
Agricultural and Rural Development (NABARD) and Bankers Institute of Rural
Development (BIRD). The agreement has been signed to undertake collaborative
research work and capacity building in mutually agreed areas for the purpose of
sustainable and inclusive development of rural India. Under the agreement,
IRMA, NABARD and BIRD will undertake collaborative research projects based on
long-term perspective in different areas of Financial Inclusion, Business
Correspondent/Business Facilitator (BC/BF) model, Rupay KCC, women empowerment
through SHG model, digital financial inclusion, financing MSMEs etc. The
research projects would take into account both behavioural and design-related
constraints hindering financial inclusion across India and identify areas of
collaborative research with a policy orientation. NABARD and IRMA will mutually
form a monitoring committee for pursuing and monitoring the activities under
the agreement.
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KERALA GOVT NEEDS TO ENSURE EASE OF DOING BUSINESS AT UPCOMING
VIZHINJAM PORT: GOVERNOR
The Kerala Government
needs to ensure a ‘better ease of doing business’ at the upcoming Vizhinjam
International Seaport. Stressing on the issues to address the port-based
pollution and the threat of depletion of coastline, he said that those who
manage and operate the upcoming Port have a duty to be a model in ensuring
Green Protocol in as many areas of port activity as possible. He said a 650-km
coastal highway is under construction and the government was addressing the
long-standing demand for augmenting the fishing harbour. A new facility will
soon be ready. I hope that the Seafood Park planned for value addition will
also bring a qualitative change in the life of the coastal communities, he
added. He also lauded the new Industrial and Commercial Policy the Kerala
Investment Promotion and Facilitation Act 2017, Amendment to Kerala Building
Rules, Simplified forms for clearances and connection to utility services, the
Kerala Single Window Interface for Fast and Transparent Clearance (K-SWIFT) and
the decision to facilitate a Kerala Investment Promotion and Facilitation Cell.
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HOW FLIPKART, AMAZON MAY BRING DEEP DISCOUNTS BACK TO
E-COMMERCE
Amazon brought back one of
its biggest sellers, Cloudtail, on the e-commerce portal barely a week after revised
FDI rules barred e-commerce companies from selling their controlled-entity
products on their own platforms. While Amazon got Cloudtail back online by reportedly
restructuring the shareholding legal experts say that e-commerce companies
might look at different ways to ensure deep discounts continue E-commerce
companies might have to offer subscription service for sellers in exchange for
support offered by them in terms of logistics, payments, etc, after the revised
guidelines bars them to have equity stake in sellers on their platform. We have
seen them thinking of possibly offering subscription service. For instance,
sellers who subscribe to that service voluntarily will get better terms of
listing their products for offering them at more competitive pricing. Also,
companies can help sellers through offerings like discounts on logistics cost
etc. So there are certain thoughts on how to do it, Archana Tewary, Partner, J
Sagar Associates told. The likes of Amazon and Flipkart might also get into
something called ‘Best Friends’ agreement that doesn’t legally bind a company
to do business with a certain entity. Companies, much like Amazon, can fully
divest their stakes in the seller organisations for them to function as
independent sellers. Companies can then enter into a Best Friends alliance to
continue with their support to them while attracting investors to take care of
the investment part. Best Friend alliance is possible theoretically and is
completely doable, said Kartik Maheshwari. It is a defensible argument to be
made by the independent seller for such agreement that it is trying to build
its brand or grow etc., through the support received by other company,
Maheshwari added.
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STATES MUST TAKE STEPS TO ENSURE PAYMENT OF RS 20K CR TO CANE
GROWERS: PASWAN
Concerned over rising cane
arrears to farmers, Union Food Minister Ram Vilas Paswan Tuesday asked states
to take stringent action to ensure sugar mills clear over Rs 20,000 crore
outstanding payment to farmers at the earliest. Paswan has written to chief
ministers of all sugar producing states, including Maharashtra and Uttar
Pradesh, in this regard. Cane arrears are rising. We informed them that the
central government is taking every possible steps but ultimately the
responsibility lies on states to ensure that sugar mills make payment to cane
farmers, Paswan told. States should take whatever action is required to ensure
farmers get their outstanding amount, he added. Paswan said the states want the
Centre to do everything, even as the onus lies on them to ensure timely payment
to farmers. I am personally talking to Uttar Pradesh Chief Minister on this
issue. Cane arrear is highest in Uttar Pradesh at Rs 7,229 crore, followed by
Maharashtra at Rs 4,792 crore and Karnataka at Rs 3,990 crore till February 13
of the 2018-19 marketing year ending September.
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COMMERCE MINISTER LAUNCHES ‘SWAYATT’ ON GEM
Suresh Prabhu, launched
SWAYATT in New Delhi. SWAYATT is an initiative to promote Start-ups, Women and
Youth Advantage Through eTransactions on Government e Marketplace (GeM). This
will bring together the key stakeholders within the Indian entrepreneurial
ecosystem to Government e-Marketplace the national procurement portal. Minister
also dedicated GeM Start-up Runway -an initiative of GeM in association with
Start -up India to facilitate Start-ups registered with Start -up India to
access the public procurement market and sell innovative products and services
to government buyers. Suresh Prabhu also felicitated a few successful
entrepreneurs from Women Self Help Groups, Start-ups and MSMEs in GeM. C.R.
Chaudhary, released a movie on GeM SWAYATT and expressed hope that the national
launch of SWAYATT would further seek to promote inclusiveness by catapulting
various categories of sellers and service providers, take proactive steps to
facilitate the training and registrations of such specific category of
manufacturers and sellers, develop women entrepreneurship and encourage
participation of MSME sector and Start-ups in public procurement. Approximately
1,516 Start-ups are presently registered on GeM with 12,915 products to offer
and have received more than 5,000 orders till date. Government e Marketplace,
an online market place for procurement of common use goods and services by government
ministries, departments and CPSEs was setup in 2016 and has 801,956 products
and 5,197 services, with 199,654 registered sellers, service providers and
33,536 government buyers. Since inception, GeM has processed 1,386,030 orders
worth Rs. 19,214 crore in gross merchandise value.
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MTNL WANTS DOT TO CONVERT ITS RS 20,000 CR DEBT INTO SOVEREIGN
GUARANTEE
Reeling from debt of Rs
20,000 crore, Mahanagar Telephone Nigam (MTNL) has submitted a plan to the government
to ensure its survival This includes converting its loans into sovereign
guarantee, giving up 3G spectrum, revision of employees’ pay, and introducing a
voluntary retirement scheme (VRS). If all else fails, the company said, the
government should take over MTNL or dissolve, with the only condition that all
its employees should be absorbed by the Department of Telecommunications (DoT).
Bharat Sanchar Nigam, the other government-owned telecom company, has also made
a bailout plea. MTNL said loans to the tune of Rs 20,000 crore was taken by the
company to clear statutory dues. So, the government must convert these with
sovereign guarantee and take responsibility for the principal and interest.
This would save the company Rs 2,000 crore per annual interest payment MTNL
employees also want a VRS. After the latest pay revision, MTNL has to shell out
Rs 300 crore extra towards employee benefits per year. If 10,000 employees take
the VRS, as the estimates suggest, then the wage bill will be cut by Rs 100 crore.
If the company surrenders 3G spectrum, it will get Rs 3,500 crore. This can be
invested in its landline business that has been performing well. Another source
of revenue the company has identified is focusing on its broadband and
fibre-to-home business The company expects to earn Rs 500 crore annually from
this. MTNL wants to enter 4G only if the government finances this. The
government can also monetise its unused or under-used real estate assets to
bring the company back into the black. Another issue for MTNL is its proposed
merger with BSNL. The government is yet to take a concrete decision on this. The
employees are not against the merger, but the pay revision committee should
arrive at a uniform pay package for the employees of both companies, said an
MTNL official who did not want to be named.
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7 ISLANDS IN ANDAMANS, LAKSHADWEEP IDENTIFIED FOR SEAPLANE
OPERATIONS
Seven islands in the
Andamans and Lakshadweep have been identified for seaplane operations while
private sector participation has been invited for tourism-based projects in the
two archipelagos, the Home Ministry said Tuesday. Rajnath Singh, also reviewed
the progress made towards the program Holistic development of islands. Four
islands (Swaraj Dweep, Shaheed Dweep, Hutbay and Long) in Andaman and Nicobar
Islands and three islands (Kavaratti, Agatti and Minicoy) in Lakshadweep have
been identified for seaplane operations a statement issued said. Key
infrastructure projects such as operationalisation of Diglipur airport for
civilian aircraft and construction of a new airport in Minicoy Island have been
accorded high priority by the government while Coastal Regulation Zone (CRZ)
clearance has been accorded for 'Middle Strait Bridge' on Andaman Trunk Road.
All these measures will improve inter-island connectivity significantly. Bids
for private sector participation in three tourism-based projects have already
been invited by the Andaman & Nicobar Administration. They include
eco-tourism projects in Smith Island & Long island and tent city project in
Aves island. Bids will be invited shortly for one more project in Neil island
of Andaman & Nicobar. The Ministry of Commerce has issued a notification
extending tax incentives for investments made in manufacturing and service
sector in islands of Andaman and Nicobar and Lakshadweep. The tax incentives
are Central Capital Investment Incentive for access to credit (CCIIAC), Central
Interest Incentive (CII), Central Comprehensive Insurance Incentive (CCII),
Goods and Services Tax (GST) reimbursement, Income Tax (IT) reimbursement,
Transport Incentive (TI) and Employment incentive (EI). Above all, stability of
the island eco-system will be maintained with effective execution of
well-planned environmental safeguards.
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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