On November 1, 2017, Union Cabinet chaired by Prime Minister Narendra Modi approved following initiatives and bilateral agreements.
Cabinet approves amendment in the National Council for Teacher Education Act, 1993
Union Cabinet has given its approval for introduction of a Bill in Parliament namely the National Council for Teacher Education (Amendment) Act, 2017, to amend the National Council for Teacher Education Act, 1993.
- National Council for Teacher Education (Amendment) Act, 2017 seeks to grant retrospective recognition to the Central/State/Union Territory funded Institutions/Universities conducting Teacher Education Courses without National Council for Teacher Education (NCTE) recognition till the academic year 2017-2018.
- Department of School Education & Literacy under Union Ministry of Human Resource Development has brought up this amendment so that students who have already passed out and are currently studying in these Institutions/Universities are eligible for employment as a teacher and their future is not jeopardized.
- Under section 14 of the NCTE Act, all institutions running Teacher Education Courses such as B.Ed. are required to obtain recognition from the National Council for Teacher Education.
Cabinet approves Special Banking Arrangement (SBA) for payment of outstanding subsidy to fertilizer companies during 2016-17
Cabinet Committee on Economic Affairs has given ex-post facto approval for implementation of Special Banking Arrangement (SBA) for Rs. 10,000 crore for payment of outstanding claims on account of fertilizer subsidy in the year 2016-17.
- This SBA has been implemented to overcome the liquidity problems of fertilizer companies.
- Specific grades of fertilizers and urea are made available to the farmer by Government at subsidised rates through fertilizer manufacturers/importers.
- Fertilizer manufacturers/importers thereafter claim the subsidy from Union Finance Ministry.
- The current SBA has thus been approved to meet the outstanding subsidy claims of fertilizer companies along with Government’s interest liability.
Cabinet approves the continuation of Centrally Sponsored Scheme “Rashtriya Krishi Vikas Yojana”
Cabinet Committee on Economic Affairs has approved the continuation of Rashtriya Krishi Vikas Yojana (RKVY) as Rashtriya Krishi Vikas Yojana- Remunerative Approaches for Agriculture and Allied sector Rejuvenation (RKVY-RAFTAAR) for three years i.e. 2017-18 to 2019-20.
- This scheme promotes agribusiness entrepreneurship, adopting risk mitigation measures and strengthens farmers’ efforts with an objective to make farming as a remunerative economic activity
- The financial allocation of this scheme is Rs. 15,722 crore.
- Funds under this scheme will be provided to the States as 60:40 grants between Centre and States. For North Eastern States and Himalayan States the ratio will be 90:10.
- States which enhance allocation to Agriculture and Allied Sectors will be incentivised under this scheme.
Cabinet approves signing an Agreement between India and Armenia on cooperation and mutual assistance in customs matters
Union Cabinet has given its approval for signing and ratifying an agreement between India and Armenia on cooperation and mutual assistance in customs matters.
More Details about India-Armenia agreement on cooperation and mutual assistance in customs matters:
- This agreement would provide a legal framework for sharing of information and intelligence between the Customs authorities of India and Armenia and will thereby help in proper application of Customs laws and prevention and investigation of Customs offences.
- It will also facilitate trade and ensure efficient clearance of goods traded between the countries.
Quick Facts about Armenia:
- Capital – Yerevan
- Currency – Dram
- Current President – Serzh Sargsyan
Cabinet approves trade Agreement between India and Ethiopia for strengthening and promoting trade and economic cooperation
Union Cabinet has given its ex-post facto approval for the trade agreement between India and Ethiopia for strengthening and promoting trade and economic co-operation.
- This trade Agreement was signed on October 5, 2017 during Indian President Ram Nath Kovind’s visit to Ethiopia.
- It replaces the existing trade Agreement signed in 1982.
- All necessary measures to encourage trade, economic cooperation, investment and technical co-operation between India and Ethiopia have been listed in this agreement.
Quick Facts about Ethiopia
- Capital – Addis Ababa
- Currency – Ethiopian birr
- Current Prime Minister – Hailemariam Desalegn
Cabinet approves sale of govt’s entire 73.47% stake in Dredging Corp
Union Cabinet has approved the sale of government’s entire 73.47 percent stake in Dredging Corporation of India.
- Dredging Corporation of India, under Union Ministry of Shipping is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.
- Stake sale in Dredging Corporation would be a part of government’s divestment programme. During the current financial year, Government has set a target to raise Rs 72500 crore through disinvestment.
- Entire 73.47 per cent stake in Dredging Corporation of India could fetch about Rs 1400 crore to the exchequer.
Quick Facts about Dredging Corporation of India:
- Founded in – 1976
- Headquarters – Visakhapatnam, Andhra Pradesh
- Current Chairman & Managing Director – Rajesh Tripathi
