Contact Your Financial Adviser Money Making MC
20
February 2019
 |
Govt
(The Total Investment & Insurance Solutions)
The Union Cabinet approved a slew of
decisions on Tuesday, including a new electronics policy that aims to create 10
million jobs, the promulgation of four ordinances, a scheme to build 19.5
million houses for the rural poor, a Rs 30,000-crore rapid transport system for
the National Capital Region and policy changes to make oil exploration more
attractive.
Separately, the Cabinet Committee on Economic
Affairs allowed captive coal mines to sell up to 25% of their output in the
open market, 40,000 MW of rooftop solar projects, a new solar power scheme for
farmers and the extension of key schemes for three more years. Cabinet also
approved an additional dearness allowance (DA) of 3% over the existing rate of
9% for government employees and pensioners, effective from January 1, 2019. In
all, the cabinet and the CCEA cleared 27 decisions.
No major policy announcements can be made
once the general elections are announced. “These are matters which have been
pending, not for weeks but months… many of these matters – in fact all of them
– the discussion has been physically prevented,” finance minister Arun Jaitley
said. “Indian democracy can’t be helpless,” he said when asked if the issues
should have been left to the next government
ELECTRONICS POLICY
The National Policy on Electronics 2019 seeks
to make India a hub for electronic manufacturing for exports, with emphasis on
a special package of incentives for mega high-tech projects including
semiconductor facilities. There will be a thrust on fabless chip design,
medical, automotive, power electronics and strategic electronics industry, the
government said.
Union Minister for Electronics and
Information Technology RS Prasad said the government was aiming at $400 billion
revenue by 2025 and generating over 10 million jobs. “We are looking at making
India a manufacturing and export hub. You are already aware that lots of
companies are looking at moving from China to India,” said Prasad. India’s
share in global electronic manufacturing is 3%, up from 1.31% in 2012-13, he
said.
COAL MINING AND OIL EXPLORATION
The decision to allow 25% of production from
captive mines to be sold in the open market with an additional premium on such
sales seeks to make mining more attractive. The coal ministry will cancel the
ongoing auction of captive coal mines as the bid documents allowed 25% output
sale in the open market but did not have the provision for paying premium, an
official said. Presently, captive coal miners are not permitted to sell coal in
the open market. Any coal extracted in excess of requirements has to be supplied
to Coal India NSE 0.33 % at a notified price.
The reforms seek to enhance domestic
exploration and production of oil and gas. It grants marketing and pricing
freedom for new gas discoveries whose field development plan is yet to be
approved.
SOLAR POWER
The
CCEA approved the launch of the Kisan Urja Suraksha evam Utthaan Mahabhiyan to
provide financial and water security to farmers, with central financial support
of Rs 34,422 crore. The scheme, announced in the Budget for 2018-19, includes
10,000 MW of decentralised, groundmounted grid-connected renewable power
plants, installation of 1.75 million standalone solar-powered agriculture pumps
and solarisation of 1 million grid-connected solarpowered agriculture pumps.
With all three components combined, the scheme aims to add solar capacity of
25,750 MW by 2022, the government said. The CCEA also approved Phase-II of the
Grid Connected Rooftop Solar Programme to achieve cumulative capacity of 40,000
MW with ?11,814 crore support from the Centre.
ORDINANCES
The cabinet approved the promulgation of four
ordinances to implement bills that were passed by the Lok Sabha but could not
be cleared by the Rajya Sabha. These are the Indian Medical Council (Amendment)
Second Ordinance, the Unregulated Deposit Schemes Ordinance, the Companies
(Second Amendment) Ordinance and the Muslim Women (Protection of Rights on
Marriage) Second Ordinance, which deals with triple talaq. Three of the bills
were agreed items but could not be passed in the Rajya Sabha because of
disturbances, Jaitley said. The Companies ordinance aims to fill critical gaps
in the corporate governance and compliance framework while extending greater
ease of doing business to law-abiding companies. The Total Investment & Insurance Solutions
No comments:
Post a Comment