Cabinet approves ₹10,000 crore fund for startups
In a bid to extend funding support for startups, the Union cabinet has approved the establishment of Fund of Funds for Startups (FFS) at Small Industries Development Bank of India (Sidbi) for contribution to various alternative investment funds (AIF). The corpus of Rs 10,000 crore for FFS will be built up over the 14th and 15th Finance Commission cycles, subject to progress of the scheme and availability of funds. The government unveiled Start up India Action Plan unveiled in January 2016.
Cabinet approves ₹6,000 cr package for textiles
Government has approved a Rs 6,000 crore special package for textiles & apparel sector to create one crore new jobs in 3 years, attracting investments of $11 billion and generating $30 billion in exports. The measures approved include additional incentives for duty drawback scheme for garments, flexibility in labour laws to increase productivity as well as tax and production incentives for job creation in garment manufacturing.
Cabinet approves biggest ever spectrum auction
The Cabinet has approved the spectrum auction plan recommended by the department of telecommunication. The approved auction will have spectrum bands of 700MHz, 800MHz, 900MHz 1800MHz, 2100MHz, 2300 MHz and 2500 MHz available for sale. This will be the biggest spectrum auction ever for Indian telecom industry and is expected to fetch the government around Rs.5.36 trillion.
Cabinet approves MoU between India and Germany
The Union Cabinet chaired by Prime Minister Narendra Modi was apprised of signing of a Memorandum of Understanding (MoU) with Steinbeis GmbH Co. KG for Technology transfer, Germany on technology resourcing in manufacturing, including sub-sectors of Capital Goods. Steinbeis GmbH is leading organization for applied industrial research in Europe.
The field of cooperation envisaged in the MoU are,
a) profiling of specific technologies;
b) technology road mapping for specified Capital Goods sub-sectors,
c) assessment of technology status of Capital Goods Cluster;
d) cooperation in events on technology; and
e) upgrading existing technology institutes / setting up Greenfield institutes in India and other technology related co-operation and collaboration.
Cabinet approves Protocol amending the Agreement for avoidance of double taxation and prevention of fiscal evasion with Belgium
The Union Cabinet has approved the signing of a Protocol amending the Agreement between India and Belgium for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. The amendment in the Protocol will broaden the scope of the existing framework of exchange of tax related information between the two countries, which will help curb tax evasion and tax avoidance. The Protocol will also revise the existing treaty provisions on mutual assistance in collection of taxes.
Cabinet approves four laning of Hubli-Hospet Section of NH-63 in Karnataka
The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has approved the development of four laning of Hubli-Hospet Section of NH-63 in Karnataka. The cost is estimated to be Rs.2272.20 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road to be developed is approximately 144 kms. This work will be done under the National Highways Development Project (NHDP) Phase-IV on Engineering, Procurement and Construction (EPC) basis.
