Cabinet to consider FDI in pension, insurance today

October 4, 2012

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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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News Network
July 25,2020

New Delhi, Jul 25: Congress leader Priyanka Gandhi Vadra on Saturday attacked the Yogi Adityanath government over its handling of the Covid-19 crisis, saying that at a time when there is an "explosive" rise in cases, the state dispensation's "no test is equal to no corona" policy can lead to a "more frightening situation".

In a letter to the Uttar Pradesh chief minister, the Congress general secretary said that the situation is getting serious and the battle against the pandemic cannot be fought just by publicity and managing news.

Priyanka Gandhi said she hopes the chief minister will take "big and effective" steps that will assure people that the government is committed to protect their lives and they will not be left to God for protection.

"By showing the fear of coronavirus, corruption is thriving. If this is not reined in, the battle against coronavirus will turn into a disaster," Priyanka Gandhi said.

Noting that 2,500 cases of coronavirus were reported in UP on Friday, she said almost all the metros were flooded with Covid-19 cases, but now even the villages were not unaffected by its spread.

"Quarantine centres in UP are in a pathetic state. In some places, the situation is so bad, that people are fearing mismanagement more than the coronavirus. Because of such a scenario, they are not stepping out of their homes for getting tested," Priyanka Gandhi said.

"This is a major failure of the government," she asserted.

The state government by believing in the "no test = no corona" mantra has adopted a low testing policy, she alleged in the letter written in Hindi.

"There is an explosive rise in Covid-19 cases. Till testing will not be increased in a transparent manner, the fight against the pandemic will be incomplete and the situation can become more frightening," she said.

"Your government claimed that there is provision for 1.5 lakh beds, but with only about 20,000 active infected cases, there is a scampering for beds," she said.

If there is a huge crowd in front of the hospitals, then why is the UP government not constructing temporary hospitals on the lines of those set up in Mumbai and Delhi, Priyanka Gandhi asked.

Availing medical facility is the fundamental right of every citizen, she asserted.

"The prime minister is a Member of Parliament from Varanasi, the defence minister is from Lucknow, many other Union ministers are from UP. Why can't temporary hospitals be opened in Varanasi, Lucknow, Agra etc." Priyanka Gandhi asked.

She suggested that temporary hospitals can be operated by the Defence Research and Development Organisation (DRDO), the Army and the paramilitary, or if need be, the DRDO hospital can be brought to Lucknow.

Also, central facilities set up in Delhi can also be used for border districts, Priyanka Gandhi said, adding that their utilisation is not being maximised there.

Noting that home isolation was a good step, she said it should not be implemented in haste.

Informed decisions should be taken on key matters related to home isolation like what will be the arrangement for monitoring patients, who needs to be informed if the patient's condition worsens and what will the medical facilities cost in home isolation, she said.

What will be the arrangement for checking the temperature and oxygen level of the patients in home isolation, she further asked in the letter.

The government should do a complete mapping of it and give complete information at the local level to the public, Priyanka Gandhi said.

The Congress general secretary said that she realises, that often the state government feels that the Congress' suggestions are given only from a political point of view.

"This was evident from the response of your government while we were trying to get buses for UP workers who were walking home," she said.

"I want to assure you once again that protecting the health and life of the people of Uttar Pradesh is our biggest sentiment at this time. We are continuously striving with constructive support and a spirit of service," she said in the letter.

At this time when the pandemic is growing rapidly, the Congress stands with the people of UP and is ready to give full support to the state government, she said.

Tightening its grip over Uttar Pradesh, Covid-19 claimed a record 50 lives in the state on Friday as the deadly virus infected 2,667 people more in the largest single-day spike till date.

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News Network
May 9,2020

May 9: Union Home Minister Amit Shah has said the West Bengal government is not allowing trains with migrant workers to reach the state that may further create hardship for the labourers.

In a letter to West Bengal Chief Minister Mamata Banerjee, Shah said not allowing trains to reach West Bengal is "injustice" to the migrant workers from the state.

Referring to the 'Shramik Special' trains being run by the central government to facilitate transport of migrant workers from different parts of the country to various destinations, the home minister said in the letter that the Centre has facilitated more than two lakh migrants workers to reach home.

Shah said migrant workers from West Bengal are also eager to reach home and the central government is also facilitating the train services.

"But we are not getting expected support from the West Bengal. The state government of West Bengal is not allowing the trains reaching to West Bengal. This is injustice with West Bengal migrant labourers. This will create further hardship for them," Shah wrote.

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Agencies
July 7,2020

New Delhi, Jul 7: Diesel price in the national capital on Tuesday touched an all-time high following a rate hike after a week-long hiatus.

Diesel price on Tuesday was increased by 25 paise per litre, according to a price notification of state-owned oil marketing companies.

This took the retail selling price of diesel to Rs 80.78 per litre in the national capital - the highest ever.

There was no change in petrol price for the 8th straight day, and it continues to be priced at Rs 80.43 per litre.

Rates vary from state to state depending on the incidence of local sales tax or VAT.

Petrol and diesel price were last revised on June 29.

In the last one month, diesel price has been increased on 23 occasions while petrol rates have risen 21 times.

The cumulative increase since the oil companies started the cycle on June 7, totals to Rs 9.17 for petrol and Rs 11.39 in diesel.

In Mumbai, petrol is priced at Rs 87.19 - unchanged since June 29, while diesel was hiked to Rs 79.05 a litre from Rs 78.83.

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