Cabinet to consider FDI in pension, insurance today

October 4, 2012

singh

New Delhi, October 4: In another round of big-ticket reforms, the Union Cabinet will consider on Thursday raising the FDI cap in insurance sector to 49 percent and opening the pension sector to foreign investment besides creation of a National Investment Board.

The Cabinet will also consider a number of other crucial measures like giving more powers to commodity market regulator FMC, Competition Bill to bring all sectors under Companies Act, and model tripartite agreement for operationalising the Infrastructure Development Fund (IDF), sources said.

This is the second time within a month that the Cabinet would consider such major proposals to push reform initiative. On September 13, the government had approved the controversial decision of allowing 51 percent FDI in multi-brand retail, besides relaxing FDI norms for civil aviation and broadcasting sector.

While the Insurance Bill seeks to raise the FDI cap insurance sector to 49 percent, from the 26 percent at present, the proposal in the Pension Fund regulatory and Development Authority (PFRDA) Bill seeks to open up the pension sector to foreign Direct Investment (FDI).

Besides, the NIB, to be headed by the Prime Minister, is proposed to be set up for according fast-track clearances to infrastructure projects.

The Forward Contract Regulation Act (Amendment) Bill that aims to give more powers to commodity markets regulator FMC. The Bill seeks to strengthen Forward Market Commission (FMC) by providing it financial autonomy, facilitate the entry of institutional investors and introduce new products for trading such as options and indices.

The Union Cabinet is also likely to approve tomorrow, the 12th Five-Year Plan (2012-17) document that proposes to lower annual average economic growth rate target during the period to 8.2 percent from 9 percent envisaged earlier in view of fragile recovery.

The Cabinet is also expected to consider proposal from the Civil Aviation Ministry for approving Lucknow, Varanasi, Tiruchirapalli, Mangalore and Coimbatore as international airports.

Besides, it would also take up the proposal from the Ministry of Corporate Affairs (MCA) to amend the Competition Act 2002 and amendments to the Companies Bill, 2011, following the report of the Standing Committee.

The proposal for IDF before the Cabinet includes a tripartite agreement between developer, lender (bank) and the IDF. The loans by the banks would be refinanced by the IDF so that banks have free funds for more lending.

The IDF, which was proposed in the Union Budget for 2011-12 fiscal, is aimed at accelerating and enhancing flow of long term debt for funding the ambitious programme of infrastructure development in the country.

Besides, the Cabinet would also take up the proposal of amending the Double Taxation Avoidance Agreement (DTAA) with Armenia and Poland.

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'COVID-19 fight can't be excuse to crush human rights, exploit workers'

News Network

May 11,2020

May 11: Congress leader Rahul Gandhi on Monday said many states were amending labour laws, but the fight against the novel coronavirus pandemic cannot be an excuse to exploit workers, suppress their voice and crush their human rights.

Gandhi said there cannot be any compromise on the basic principles by allowing unsafe workplaces.

"Many states are amending labour laws. We are together fighting against corona, but this cannot be an excuse to crush human rights, allow unsafe workplaces, exploit workers and suppress their voice," he said.

"There cannot be any compromise on these basic principles," he added.

Congress leader Jairam Ramesh also said it would be dangerous and disastrous to loosen labour, land and environment laws in the name of economic revival and stimulus.

"In the name of economic revival and stimulus, it will be dangerous and disastrous to loosen labour, land and environmental laws and regulations as the Modi govt is planning.

"The first steps have already been taken. This is a quack remedy like demonetisation," Ramesh tweeted.

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2 jawans killed in cordon, search ops in J&K's Nowshera

News Network

January 1,2020

Jan 1: Two army personnel were killed in a gunfight with heavily-armed Pakistani infiltrators along the Line of Control (LoC) in Jammu and Kashmir's Rajouri district on Wednesday, officials said.

The infiltrators were intercepted in the Khari Thrayat forest when they were trying to sneak into India from Pakistan-occupied Kashmir (PoK), they said.

"Two army soldiers martyred during cordon and search operation in Nowshera sector. The operation is still in progress and further details are awaited," Jammu-based Indian Army Public Relations Officer (PRO) Lt Col Devender Anand said in a statement.

The search operation was launched following information about the movement of suspected terrorists, the officials said.

The infiltrators opened fire on the troops and during a fierce gunfight, the two soldiers were killed, they said.

The officials said a massive operation is on in the area.

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Rajasthan Assembly passes resolution against CAA

Agencies

January 26,2020

Jaipur, Jan 26: Rajasthan on Saturday on Saturday became the third state in the country to pass a resolution urging the Centre to repeal the Citizenship Amendment Act (CAA).

he resolution was passed in the state Assembly amid opposition by the BJP which accused the ruling Congress of pursuing appeasement politics.

It is the second Congress-ruled state to pass such a resolution after Punjab. The Kerala Assembly too had passed such a resolution against the CAA moved jointly by the ruling Left Front alliance and the opposition Congress-led UDF.

The Rajasthan Assembly resolution, passed by voice vote, also asked the Centre to withdraw the new fields of information that have been sought for updation of the National Population Register (NPR) 2020.

"It is evident that the CAA violates the provisions of the Constitution. Therefore, the House resolves to urge upon the government of India to repeal the CAA to avoid any discrimination on the basis of religion in granting citizenship and to ensure equality before law for all religious groups of India," the state's parliamentary affairs minister Shanti Dhariwal said, moving the resolution.

Leader of the opposition Gulab Chand Kataria of the BJP questioned the state's right to challenge the Act.

"Granting citizenship is a matter for the Centre. In such a situation do we have the right to challenge the CAA? The Congress should stop doing appeasement and vote bank politics," he said.

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Salute to Rajasthan Govt for rejecting communal and black CAA bill. This bill is agaisnt the teach of our Constitution and bjp has never done anything as per our constitutin. Its trying its best to scrap the constitution and restore it with RSS agenda. We should oppose any move by bjp against the value of constitution. As bjp has no respect to our constitution, it has no right to be in power. Many of bjp leaders are giving statemetns against the value of constitution and such leaders should be treated as anti indians and action be taken on them.