Cabinet approval | Business Upturn

Cabinet approves Rs 17,000 crore PLI scheme 2.0 for IT hardware

United News of India (UNI) — Wed, 17 May 2023 11:44:47 +0000

New Delhi, May 17: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved Rs 17,000 crore production-linked incentive (PLI) scheme 2.0 for IT hardware sector.

The PLI scheme for IT hardware covers laptops, tablets, all-in-one PCs, servers and ultra small form factor devices.

Briefing media on the Cabinet decision, Communications and Electronics & Information Technology Minister Ashwini Vaishnaw said the tenure of the PLI scheme would be six years and an investment of Rs 2,430 crore is estimated under the programme.

He said expected incremental production under the scheme is Rs 3.35 lakh crore.

Terming the PLI scheme as quite comprehensive, the Minister said the way things are moving the actual investment could be higher than expectations.

“Expected incremental direct employment is 75,000. As you are aware that the ratio of direct and indirect employment in electronics manufacturing is 1:3 so it roughly means more than 2 lakh employment would be generated,” he said.

He noted that due to focused action of PM Modi, electronics manufacturing has crossed a landmark of US$ 100 billion.

“Mobile exports also crossed a major landmark of US$ 10 billion. Last year, total mobile phone exports were US$ 11 billion. India has emerged as the second largest mobile phone manufacturing country in the world,” the Minister said.

“India is emerging as a trusted supply chain partner for all global majors. Large IT hardware companies have shown keen interest in establishing manufacturing facilities in India,” an official statement said.

Cabinet approves signing of India-Guyana air services agreement

News Desk — Wed, 22 Feb 2023 10:43:11 +0000

The signing of the aviation services agreement between India and Guyana was approved on Wednesday by the Union Cabinet, which is presided over by Prime Minister Narendra Modi. The Ministry of Civil Aviation issued a statement stating that “The Air Services Agreement shall enter into effect after the exchange of diplomatic notes between the parties certifying that each party has completed the requisite internal procedure for entrance into force of this agreement.”

Indians are the largest ethnic group in Guyana, making up nearly 40% of the population as per the 2012 census. By signing the agreement with Guyana, a framework for the delivery of air services between the two nations will be made possible. Air services agreements have been negotiated with numerous nations to open the door for international air connectivity in light of the expanding aviation market and events like the liberalisation of the aviation sector in India.

The air services agreement, according to the ministry, establishes the legal framework for air operations between two countries and is based on the principles of nationality of carriers, national sovereignty of nations, and reciprocity in terms of commercial opportunities for each side’s designated airlines. There isn’t currently an aviation services agreement (ASA) between the governments of Guyana and India. The International Civil Aviation Convention has both Guyana and India as signatories (Chicago Convention).

On December 6, 2016, representatives from the governments of India and Guyana met in Nassau, Bahamas, as part of the ICAO Air Services Negotiations event, where both nations had initialled the text of an ASA for regularly scheduled air flights between the two nations. The new air services agreement between India and Guyana will create an atmosphere that will enable improved and seamless connectivity while giving carriers on both sides business opportunity, it was said.

Price Support Scheme: Cabinet approves sale of pulses to states at discounted rates

Yakita Somani — Wed, 31 Aug 2022 11:45:33 +0000

The Cabinet Committee on Economic Affairs approved a ₹1,200 crore scheme on Wednesday for the discounted disposal of chana to states, which will be used for various welfare schemes from the stock of pulses procured under the Price Support Scheme (PSS) and Price Stabilization Fund (PSF).

The committee also approved an increase in the quantity of procurement under PSS from 25% to 40% in the case of tur, urad, and Masur lentils.

Under this approved scheme, states are offered the opportunity to lift 15 lakh metric tonnes of chana at a discount of ₹8 per kg over the sourcing state’s issue price on a first-come-first-served basis. These pulses are used by states in various welfare schemes or programmes such as mid-day meals, public distribution systems, and integrated child development programmes.

This will be a one-time exemption for a period of 12 months or until the entire 15 lakh metric tonnes stock of chana is depleted, whichever comes first.

According to the government, the decisions will also enable states to make available space for warehouses, which may be required in the coming Rabi season for accommodating fresh stocks procured under the price support scheme, which will help farmers get a remunerative price for their pulses and encourage more farmers to grow such pulses by making higher investments and helping them get a remunerative price for their produce.

Furthermore, this contributes to our country’s self-sufficiency in such pulses, according to the government.

Union Cabinet approves Budget for FY22-23, FM Sitharaman to present it shortly

Malvika Choudhary — Tue, 01 Feb 2022 05:48:40 +0000

The Union Cabinet on Tuesday approved the fourth Budget for FY2022-23 of the Modi government which will be presented by Finance Minister Nirmala Sitharaman in Parliament.

The meeting began at around 10:20 am ahead of the Budget presentation. The Budget presentation was moulded by the Economic Survey remarking that the government has the latitude to forecast its economy and to grow at a healthy 8-8.5 per cent growth in 2022-23 fiscal. Now, the emphasis of the Budget is envisioned to be on further revving India’s pace of recovery from the pandemic shock along with further.

Prime Minister Narendra Modi, Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnav, Parliamentary Affairs Minister Pralhad Joshi, and others were present at the Parliament for the Union Cabinet Meeting ahead of the presentation of the Budget. Sitharaman took the tablet in the red pouch to Parliament to present a paperless Budget.

The Budget speech will commence at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. Usually, the duration of the presentation ranges from 90 to 120 minutes.

This is Sitharaman’s fourth straight Union Budget when she presents financial statements and tax proposals for the fiscal year 2022-23 (April 2022 to March 2023). The Budget Session of the parliament commenced on January 31 with President Ram Nath Kovind`s address. The first part of the Budget Session of Parliament will be held from January 31 to February 11 and the second part will take place from March 14 to April 8.

Cabinet approves FDI proposal of investing Rs 15,000 crore in Anchorage Infrastructure

Vandana Nampoothiri — Wed, 25 Aug 2021 12:14:07 +0000

The Cabinet Committee of Economic Affairs on Wednesday approved a foreign direct investment (FDI) proposal for an investment of up to Rs.15,000 crore in Anchorage Infrastructure Investment Holding Ltd.

The investment will also include the transfer of a share of Bangalore International airport Limited to Anchorage, according to an official statement.

The new investment is expected to be a major boost to the infrastructure and construction sector and also to the airport sector. It will also provide a boost to the recently announced National Monetisation Pipeline (NMP), as it will help fund leasing out of state-owned infrastructure assets which involve handling assets like roads, railways, airports, sports stadiums, power transmission lines, and gas pipelines to private operators.

Anchorage Infrastructure Investment Holding is an investment holding, incorporated specifically for the purpose of investment in infrastructure and the construction-development sectors which may include transport and logistics etc. along with downstream investment in the airport sector and aviation-related businesses and services.

Anchorage Investment has also proposed to make downstream investments in some of the sectors covered under the NMP.

The new investment will also generate indirect employment during construction and ancillary activities, the statement read. An investment of Rs. 950 have also been made in Anchorage Infrastructure Investment Holding Ltd by Ontariao Inc., a wholly-owned subsidiary of OAC one of Canada’s largest defined benefit pension plans.