Tag: Union Cabinet

Cabinet likely to consider capital infusion proposal for Exim Bank on Wednesday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Union Cabinet in its meeting scheduled on Wednesday is likely to consider fund infusion in Export-Import Bank of India (Exim Bank), sources said.

The meeting, headed by Prime Minister Narendra Modi, may take up a host of issues including a capital infusion of Rs 500 crore in Exim Bank, sources said.

The infusion would help the bank expand its business, sources added.

The government infused Rs 500 crore in Exim Bank last financial year.

Established by the Government of India, Exim Bank commenced operations as a purveyor of export credit, mirroring global export credit agencies.

It serves as a growth engine for industries and small and medium enterprises through a wide range of products and services.

This includes the import of technology and export product development, export production, export marketing, pre-shipment and post-shipment and overseas investment.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cabinet approves Rs 10,000 crore Gaganyaan project

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Union Cabinet on Friday approved the Gaganyaan project under which a three-member crew will be sent to space for at least seven days, Union Minister Ravi Shankar Prasad said. The project will cost Rs 10,000 crore, he said at a press conference here.

The Gaganyaan project was announced by Prime Minister Narendra Modi in his Independence Day speech.

He had said the mission will be undertaken by 2022.

India has already inked agreements with Russia and France for assistance in the ambitious project.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cabinet apprises of India joining as member of AMF TCP under IEA

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Union Cabinet on Thursday apprised of India joining as member of Advanced Motor Fuels Technology Collaboration Programme under International Energy Agency on May 9.

The programme TCP works under the framework of International Energy Agency (IEA) to which India has “Association” status since March 30, 2017, an official statement said.

The primary goal of joining the programme by the Ministry of Petroleum and Natural Gas is to facilitate the market introduction of advanced motor fuels/ alternate fuels with an aim to bring down emissions and achieve higher fuel efficiency in transport sector.

“The benefits of participation in AMF TCP are shared costs and pooled technical resources. The duplication of efforts is avoided and national Research and Development capabilities are strengthened,” it said.

After becoming member, it said India will initiate R&D in other areas of its interest in advanced biofuels and other motor fuels in view of their crucial role in substituting fossil fuel imports.

AMF TCP also provides an opportunity for fuel analysis, identifying new/ alternate fuels for deployment in transport sector and allied R&D activities for reduction in emissions in fuel intensive sectors, the statement said.

The programme is an international platform for co-operation among countries to promote cleaner and more energy efficient fuels and vehicle technologies.

Its activities relate to R&D, deployment and dissemination of advanced motor fuels and looks upon the transport fuel issues in a systemic way taking into account the production, distribution and end use related aspects.

The other members are the US, China, Japan, Canada, Chile, Israel, Germany, Austria, Sweden, Finland, Denmark, Spain, Korea, Switzerland and Thailand.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Government approves mechanism for sale of enemy shares worth Rs 3,000 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government on Thursday said approved a mechanism for sale of enemy shares which at the current price estimated at around Rs 3,000 crore.

According to Enemy Property Act, 1968, “Enemy property” refers to any property belonging to, held or managed on behalf of an enemy, an enemy subject or an enemy firm.

The decision, taken by the Union Cabinet, will lead to monetisation of movable enemy property lying dormant for decades and the proceeds will be used for development and social welfare programmes, an official statement said.

“Sale proceeds are to be deposited as disinvestment proceeds in the government account maintained by the Ministry of Finance,” it said adding the Department of Investment and Public Asset Management has been authorised to sell the shares.

A total number of 6,50,75,877 shares in 996 companies of 20,323 shareholders are under the custody of Custodian of Enemy Property of India (CEPI).

Of these companies, 588 are functional/ active companies, 139 of these are listed with remaining being unlisted.

“The process for selling these shares is to be approved by the alternative mechanism under the chairmanship of the finance minister and comprising minister of road transport and highways and Home Minister,” it said.

The mechanism will be supported by a high-level committee of officers co-chaired by the secretary in the Department of Investment and Public Asset Management, Home Affairs secretary (with representatives from DEA, DLA, Corporate Affairs and CEPI) that would give its recommendations with regard to quantum, price/price-band, principles/ mechanisms for sale of shares.

“In principle approval has been accorded for sale of enemy shares under the Custody of Ministry of Home Affairs/CEPI,” it added.

It said before initiation of sale of any enemy shares, the CEPI would certify that the sale of the shares 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 off by the government.

“The advisors/ intermediaries like merchant bankers, legal adviser, selling brokers etc. as may be required for the disposal of movable enemy property, will be appointed by DIPAM through an open tender/limited tender process. An Inter-Ministerial Group will guide the process of sale,” it said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cabinet clears strategic sale of government equity in Dredging Corporation of India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Union Cabinet on Thursday approved strategic sale of government stake in Dredging Corporation of India to consortium of four ports.

The government currently holds 73.44 per cent in Dredging Corporation of India Ltd (DCIL).

“CCEA has given in principle approval for strategic disinvestment of 100 per cent Government of India’s share in DCIL to consortium of 4 ports, namely Vishakhapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust and Kandla Port Trust,” an official tweet said.

The approval will further facilitate the linkage of dredging activities with the ports, keeping in view the role of the DCIL in expansion of dredging activity in the country as well as potential diversification of ports into third party dredging, the tweet said after the meeting of the Cabinet Committee of Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.

“The co-sharing of facilities between the company as well as ports shall lead to savings for ports. This would further provide opportunities for larger investment in DCIL as integration with ports shall help in effective vertical linkage in the value chain,” the tweet added.

The government has budgeted to raise Rs 80,000 crore from PSU disinvestment. So far this fiscal, the government has mopped up over Rs 15,000 crore from PSU stake sale.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

10 things you need to know about National Digital Communications Policy 2018

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The union cabinet on Wednesday approved the new telecom policy, now named as ‘National Digital Communications Policy (NDCP) 2018’ that aims to attract $100 billion investment and create 40 lakh jobs in the sector by 2022.

Communication systems have been evolving at a rapid pace globally, especially in areas like 5G, Internet of Things and Machine to Machine Communication, Telecom Minister Manoj Sinha said.

Key highlights of NDCP 2018:

1. Create 40 lakh new jobs by 2022 and attract $100 billion investment by 2022.
2. Ensure broadband access to all with 50 Mbps speed, 5G services – 100 percent connectivity by 2022; BharatNet – Providing 1 Gbps to all Gps and upgradable to 10 gbps; GramNet – Connecting all key rural development institutions; NagarNet – Establishing 1 million pubic Wi-Fi hotspots in urban areas and JanWiFi – Establishing 2 million Wi-Fi hotspots in rural areas.
3. Channelising Universal Service obligation Fund.
4. Policy will rationalise levies that add to debt burden of telecom companies; review of license fees, spectrum usage charges and Universal Service Obligation Fund (USOF); rationalise taxes and lives on digital communications equipment; infrastructure and services and target to bring down overall levies from 30 percent to below 10 percent.
5. Proposed adoption of optimal pricing of spectrum waves; optimal pricing will ensure sustainable; affordable access to digital communication and developing transparent, normative and fair policy for spectrum allocation.
6. Create regulatory reforms to enable telecom sector contribution to 8 percent by 2020 from 6 percent in 2017.
7. Recognise mid-band spectrum particularly 3 GHz to 24 GHz range used for next generation networks; expected to offer higher data capacity and speeds faster than 10 GB per second and the move will enable government to deploy 5G for consumers by 2020.
8. Telecom infrastructure to be awarded status of critical and essential infrastructure.
9. Expand Internet of Things (IoT) ecosystem to 5 billion connected devices.
10. Target to improve Inclusive Development Index (IDI) ranking from 134 to 50.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

President signs ordinance to make instant triple talaq penal offence

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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President Ram Nath Kovind on Wednesday night signed an ordinance banning the practice of instant triple talaq, a top law ministry functionary said.

The Union Cabinet had this morning approved the ordinance to ban instant triple talaq and make it a punishable offence.

“Yes, the president has signed the ordinance,” the functionary said.
Law Minister Ravi Shankar Prasad had said there was an “overpowering urgency” to bring the measure as instances of this mode of divorce continued unabated despite the Supreme Court striking it down.

According to the ordinance, giving instant triple talaq has been made illegal and void, and will attract a jail term of three years for the husband.

Seeking to allay fears that the law could be misused, the government has included certain safeguards in it such as adding a provision of bail for the accused before trial.

These amendments were cleared by the Cabinet on August 29.

“There was an overpowering urgency and a compelling necessity to bring the ordinance as the practice continued unabated despite the Supreme Court order last year,” Prasad told a press conference.

While the law makes instant triple talaq a “non-bailable” offence, an accused can approach a magistrate even before trial to seek bail. In a non-bailable offence, bail cannot be granted by police at the police station itself.

Prasad said a provision has been added to allow the magistrate to grant bail “after hearing the wife”.

Sources later said the magistrate would ensure that bail is granted only after the husband agrees to grant compensation to the wife as provided in the bill.

The quantum of compensation will be decided by the magistrate, as per the bill.

The police would lodge an FIR only if approached by the victim (wife), her blood relations or people who become her relatives by virtue of her marriage.

Neighbours and others cannot lodge a complaint under the proposed law.
The offence of instant triple talaq will be “compoundable”. Now, a magistrate can use his powers to settle the dispute between a husband and his wife. This will happen only when the wife approaches the court.

Under a compoundable offence, both parties have the liberty of withdrawing the case.

The proposed law would only be applicable on instant triple talaq or ‘talaq-e-biddat’ and it would give power to the victim to approach a magistrate seeking “subsistence allowance” for herself and minor children.

A woman can also seek the custody of her minor children from the magistrate
who will take a final call on the issue.

Citing details of instant triple talaq cases, Prasad said till now 430 incidents of triple talaq have come to the notice of the government through the media. Of these, he said, 229 were reported before the Supreme Court judgement, while another 201 came to the notice after it.

These cases were reported between the period of January 2017 and September 13, 2018, he said.

“What is important is that the practice of triple talaq continues in spite of Supreme Court having annulled it and Lok Sabha having passed a bill which is pending in the Rajya Sabha. We have all the evidence and a series of papers in this regard,” he told reporters.

The law minister used the opportunity to attack the Congress, saying it is not supporting the bill pending in Rajya Sabha under “vote bank pressures”.

“It is my serious charge that Sonia Gandhi ji has maintained silence on the issue. She is silent… It has nothing to do with politics but gender justice and dignity,” he said.

He urged UPA chairperson Sonia Gandhi, BSP supremo Mayawati and TMC chief Mayawati to support the bill in the next session of Parliament for the sake of “gender justice, gender equality and gender dignity”.

Prasad said he has tried to take the cooperation of the Congress party along with other parties, and had met its senior leader Anand Sharma who said he would get back after talking to the party leadership.

“I had met him five to six times… We had sought cooperation,” he said, adding that there was no response from the main opposition party.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India steps closer to making ‘triple talaq’ a punishable offence

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s cabinet has approved an executive order to make instant divorce among Muslims, a procedure called “triple talaq”, a punishable offence, a government minister said on Wednesday, as Prime Minister Narendra Modi looks to woo Muslim women voters.

The Supreme Court outlawed the practice last year, but Modi’s government wants to make it a non-bailable offence carrying a jail term of up to three years, following protests by Muslim women.

Federal law minister Ravi Shankar Prasad told a news conference the cabinet approved the decree because the practice persisted despite the court decision.

In August last year, the Supreme Court ruled unconstitutional a law that allowed Muslim men to divorce their wives simply by uttering the word “talaq”, or “divorce” in Arabic, three times.

The government has been trying to pass legislation to “explicitly ban” the procedure. In an Independence Day speech last month Modi said he would “not stop till they get justice,” referring to the women.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow