Top Cabinet Approvals: 12 September 2018
The Union Cabinet approved MoU on Collaborative Research on Distributed Ledger and Block chain Technology in the context of development of digital economy by Export-Import Bank of India (Exim Bank)
Rupali PruthiSep 12, 2018 19:35 IST
Union Cabinet approves Transfer of land of RCF to MMRDA
• The Union Cabinet approved transfer of land of Rashtriya Chemicals & Fertilizers Ltd. (RCF) to Mumbai Metropolitan Regional Development Authority (MMRDA)
• RCF is a leading fertilizer and chemical manufacturing company in India in the Public Sector.
• It was established on March 6, 1978 on the reorganisation of erstwhile Fertilizer Corporation of India Ltd.
• Presently, the authorised share capital of RCF is Rs 800 Crore and paid up capital of Rs 551.69 Crore.
• Company has been accorded coveted "Miniratna" status in 1997.
Cabinet approves MoU between India and Brunei Darussalam on Cooperation in Telemetry Tracking
• The Union Cabinet was apprised of MoU between India and Brunei Darussalam on Cooperation in the operation of Telemetry Tracking and Telecommand station for satellite and launch vehicles; and for cooperation in the field of Space Research, Science and Applications.
• The MoU was signed between both the sides in New Delhi on July 19, 2018.
• The MoU enables India to continue to operate, maintain and augment its ground station meant for supporting India’s launch vehicle and satellite missions.
• This will also help India to share its experience and expertise in space activities through training of officials and students from Brunei Darussalam on space technology applications.
Cabinet approves MoU between India and South Africa on cooperation in the exploration of outer space
• The Union Cabinet was apprised of the Memorandum of Understanding (MoU) between India and South Africa on cooperation in the exploration and uses of outer space for peaceful purposes.
• The MoU was signed in Johannesburg on July 26, 2018.
• The areas of cooperation under this MoU are remote sensing of the earth; satellite communication and satellite-based navigation; space science and planetary exploration; use of spacecraft, launch vehicles, space systems and ground systems; and practical applications of space technology.
• It will enable pursuing the potential areas of cooperation such as space science, technology and applications including remote sensing of the earth, satellite communication and satellite-based navigation.
Cabinet approves MoU on Collaborative Research on Distributed Ledger and Block Chain Technology
• The Union Cabinet approved MoU on Collaborative Research on Distributed Ledger and Block chain Technology in the context of development of digital economy by Export-Import Bank of India (Exim Bank)
• Other participating member banks, under the BRICS Interbank Cooperation Mechanism, are BNDES of Brazil, China Development Bank (CDB), State Corporation Bank for Development and Foreign Economic Affairs of Russia and Development Bank of Southern Africa (DBSA).
• The Distributed Ledger or the Block chain technology holds potential for solutions to various challenges being faced in the financial sector space of the BRICS nations.
• The MoU intends to enhance understanding of Distributed Ledger/Block Chain technology, through the joint research efforts to identify areas within respective business operations.
Cabinet approves MoU between India and Egypt on cooperation in Agriculture & allied sectors
• The Union Cabinet approved the signing of a Memorandum of Understanding (MoU) between India and Egypt for cooperation in the field of agriculture & allied sectors.
• The MoU provides for cooperation in areas of agricultural crops (especially wheat and maize), agricultural biotechnology, nanotechnology, irrigation and water management technology including water harvesting and micro-irrigation technology.
• Under the MoU, a Joint Working Group (JWG) will be formed to enhance cooperation on matters of mutual interest including consultations on bilateral issues.
• The JWG will meet at least annually in the initial two years, alternately in India and Egypt to formulate joint work programs, facilitation and consultation.
Cabinet approves MoU between India and Malta for strengthening cooperation in tourism
• The Union Cabinet approved signing of the Memorandum of Understanding (MoU) between India and Malta for strengthening cooperation in the field of Tourism.
• The MoU will be signed during the upcoming visit of the Vice President to Malta.
• The main objectives of the MoU are to encourage the quality destination of tourism industry in both countries; to increase tourist arrivals in both countries; promote human resource development in tourism; etc.
• This MoU will help the two parties in creating an institutional mechanism for enhancing cooperation in the tourism sector.
• It will also help India in increasing foreign tourist arrivals from Malta. This, in turn, will result in economic development and employment generation.
Cabinet approves Policy Framework to promote and incentivise enhanced recovery methods for Oil and Gas
• The Union Cabinet approved the Policy framework to promote and incentivize Enhanced Recovery (ER)/ Improved Recovery (IR)/ Unconventional Hydrocarbon (UHC) production Methods to improve recovery factor of existing hydrocarbons reserves for augmenting domestic production of oil and gas.
• The ER includes Enhanced Oil Recovery (EOR) and Enhanced Gas Recovery (EGR), Unconventional Hydrocarbon (UHC) production methods include Shale oil and gas production, tight oil and gas production, production from oil shale, gas hydrates and heavy oil.
• It calls for supporting infrastructure, logistic support, fiscal incentives and enabling environment.
• The strategic objective of the Policy is to build a supportive ecosystem through academic and research institutes, and industry- academia collaboration.
• The Policy will be applicable to all contractual regimes and Nomination fields.
Cabinet approves amendment to National Institute of Design (NID) Act, 2014
• The Union Cabinet approved introduction of Bill in Parliament for amendment of NID Act, 2014 to include the four new National Institutes of Design (NID).
• These institutes are National Institute of Design, Amaravati/Vijayawada, Andhra Pradesh; National Institute of Design, Bhopal, Madhya Pradesh; National Institute of Design, Jorhat, Assam and National Institute of Design, Kurukshetra, Haryana.
• These institutes will be declared as Institutions of National Importance (INIs) at par with the National Institute of Design, Ahmedabad.
• Some minor amendments to the Act include re-naming of NID Vijayawada as NID Amaravati.
CCEA approves continuation of Capacity Development Scheme for the period 2017-18 to 2019-20
• The Cabinet Committee on Economic Affairs approved continuation of the Capacity Development Scheme for the period 2017-18 to 2019-20 with an outlay of Rs 2250 crore.
• The overall objective of the scheme is to augment infrastructural, technical as well as manpower resources for making available credible and timely Official Statistics for policy makers and public at large.
• The major ongoing activities under the Capacity Development Scheme include augmenting resources for bringing out important statistical products, such as Gross Domestic Product (GDP), Consumer Price Index (CPI), Index of Industrial Production (IIP), Statistical classifications, etc.
• Periodic Labour Force Survey (PLFS), a continuous survey to assess quarterly labour data in urban areas and annual labour data for the whole country (urban and rural areas), was launched in April 2017 under the scheme.
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