CABINET APPROVALS
Farmers to get short-term loan at 7 pc interest rate in FY17
Farmers will get short-term crop loans of up to Rs 3 lakh at a lower interest rate of 7 per cent this fiscal with the government approving a 2 per cent interest subvention scheme. Also, farmers who would repay the loan on time will get the credit at more cheaper rate of 4 per cent. The interest subvention scheme is applicable for all farmers availing short-term crop loans up to Rs 3 lakh for one year. Government has set an agricultural credit target for banks at Rs 9 lakh crore for the current fiscal, up from Rs 8.5 lakh crore 2015-16.
Cabinet approves MoU between India and Mauritius in the field of Rural Development and Poverty Alleviation
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved signing of a Memorandum of Understanding (MoU) between India and Mauritius. The MoU will help to establish a framework for cooperation between the National Development Unit, Prime Minister’s Office of the Republic of Mauritius and the Ministry of Rural Development of the Republic of India in the sphere of rural development. The MoU will encourage cooperation in the field of rural development and capacity building on the basis of equality and mutual benefit between both countries.
Cabinet approves redevelopment of seven GPRA colonies in Delhi
The Cabinet has approved redevelopment of seven General Pool Residential Accommodation (GPRA) colonies i.e. Sarojini Nagar, Netaji Nagar, Nauroji Nagar through National Buildings Construction Corporation Limited (NBCC) and Kasturba Nagar, Thyagraj Nagar, Srinivaspuri and Mohammadpur through Central Public Works Department (CPWD) to replace the existing housing stock of 12,970 dwelling units of Type I to IV with Build Up Area (BUA) of approx. 7.49 lakh sqm with approx. 25,667 dwelling units of Type II to VI with BUA of approx. 29.18 lakh sqm. with supporting social infrastructure facilities.
The project will also develop Government office accommodation for nearly 2.42 lakh sqm at Netaji Nagar. The project will be completed in five years in a phased manner.
Joint issue of postage stamp between Department of Posts and Portugal Post
The Union Cabinet chaired by the Prime Minister Narendra Modi was apprised of a joint issue of postage stamps between Department of Posts and Portugal Post. India and Portugal enjoy excellent bilateral relationship with each other with frequent and active interaction through different platforms that allow both countries to exchange views on many of common issues of concern. This collaboration has been fruitful and beneficial for both countries and the ties of both countries will continue to grow from strength to strength over the years. This joint issue will also help the Postal Departments of both countries in production of philately.
Cabinet approves Revision of pension of BSNL Pensioners Removing Anomalies
The Union Cabinet has approved the revision of pension of BSNL pensioners and family pensioners, who retired prior to 10.06.2013 by allowing the benefit of merger of 50% DA/DR with Basic Pay/ Pension, effectively amounting to 78.2% DA/DR for the purpose of fitment, and modifying the liability of BSNL towards the payment of pensionary benefits to the retired employees.
Cabinet approves MoU between India and Mozambique in the field of Drug demand reduction and prevention of illicit trafficking in narcotic drugs
The Union Cabinet has given its approval for signing of a Memorandum of Understanding (MoU) between India and Mozambique on Drug demand reduction and prevention of illicit trafficking in narcotic drugs, psychotropic substances and precursor chemicals and related matters. The MoU is aimed to enhance mutual cooperation between the two countries in combating illicit trafficking in Narcotic drugs, Psychotropic substances and their precursors through exchange of information, expertise and capacity building.
Cabinet approves the High Courts (Alteration of Names) Bill, 2016 for enabling changing the names of High Courts of Bombay and Madras
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval to introduce ‘The High Courts (Alteration of Names) Bill, 2016’ in Parliament. The High Courts (Alteration of Names) Bill, 2016 will facilitate the changing of the names of ‘Bombay High Court as Mumbai High Court’ and ‘Madras High Court as Chennai High Court’ respectively.
Cabinet approves import of pulses through long-term contract with Mozambique
The Union Cabinet has approved a long-term contract by signing a Memorandum of Understanding (MoU) with Mozambique for import of pulses either through the private channels or Government-to-Government (G2G) sales through State Agencies nominated by the two countries. The MoU aims at promoting the production of Pigeon Peas/Tur and other pulses in Mozambique by encouraging progressive increase in the trading of these pulses. The MOU includes targets for exports of Tur and other pulses from Mozambique to India for five financial years and aims at doubling the trade from 100,000 tonnes in 2016-17 to 200,000 tonnes is 2020-21.
Cabinet approves creation of one post of Chief Works Manager in the Mechanical Department on Eastern Railway
The Union Cabinet has approved the creation of one revenue charged Senior Administrative Grade (SAG) post of Chief Works Manager (CWM) in the Mechanical Department of Diesel Component Factory, Dankuni on Eastern Railway.
This post forms a vital part of Diesel Component Factory, Dankuni on Eastern Railway and will strengthen the administrative frame work to ensure proper functioning of factory and to achieve the target outturn. This would cost the Railways a sum of Rs. 1679400/- per annum.
Cabinet approves the National Apprenticeship Promotion Scheme
The Union Cabinet has approved a National Apprenticeship Promotion Scheme. The Scheme has an outlay of Rs. 10,000 crore with a target of 50 lakh apprentices to be trained by 2019-20. It provides for incentivizing employers to engage apprentices. 25% of the total stipend payable to an apprentice would be shared with employers directly by Government of India. It is for the first time a scheme has been designed to offer financial incentives to employers to engage apprentices.
In addition, it also supports basic training, which is an essential component of apprenticeship training. 50% of the total expenditure incurred on providing basic training would be supported by Government of India. The Scheme will catalyze the entire apprenticeship ecosystem in the country and it will offer a win-win situation for all stakeholders. It is expected to become one of the most powerful skill-delivery vehicle in the country.
Cabinet approves MoU between India and Tanzania in the field of Traditional Systems of Medicine and Homeopathy
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved signing of a Memorandum of Understanding (MoU) between India and Tanzania in the field of Traditional Systems of Medicine and Homeopathy. The MoU will provide structured frame work for the cooperation between the two countries for the promotion and propagation of Indian Traditional Systems of Medicine & Homeopathy in Tanzania.
There is no additional financial implications involved. The financial resources necessary to conduct research, training courses, conferences / meetings will be met from the existing allocated budget and existing plan schemes of Ministry of AYUSH.
Cabinet approves setting up a Major port at Enayam near Colachel in Tamil Nadu
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ‘in-principle’ approval for setting up a Major port at Enayam near Colachel in Tamil Nadu. At present, there are only a few ports in India that have sufficient draft and can match global cargo handling efficiencies. Currently, all of India’s trans-shipment traffic gets handled in Colombo, Singapore and other international ports. Indian port industry loses out upto Rs 1,500 Crores of revenues each year.
Establishing this Major port at Enayam will not only act as a major gateway container port for Indian cargo that is presently trans-shipped outside the country, but also become a trans¬-shipment hub for the global East-West trade route. Enayam will also reduce the logistics cost for exporters and importers in South India who currently depend on trans-shipment in Colombo or other ports thus incurring additional port handling charges.
Cabinet approves increase of foreign investment in M/s. Axis Bank Limited
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has approved increase in foreign investment from the current approved level of 62% to 74% of the total paid up share capital of the Axis Bank on a fully fungible basis. The foreign investment will be by way of Foreign Institutional Investors (FIIs) / Foreign Portfolio Investors (FPIs) / Non-Resident Indians (NRIs), Foreign Director Investment covering ADRs / GDRs and Indirect Foreign Investment. With the approval, foreign direct investment to the tune of Rs.12,973.14 crore will be received in the country with an estimated creation of 6000 to 7000 jobs over the next three years.
