The Union Cabinet chaired by the Prime Minister (PM) Mr Narendra Modi approved the following proposals on November 6, 2019:
Cabinet approves funding of Rs.25, 000 crores for stalled housing projects across India
In a major relief to landlords and real estate companies stuck in stalled housing projects, the Union Cabinet gave its assent for the establishment of a ‘Special Window’ fund of Rs 25,000 crore for the stuck housing project across the country. The government will provide 10,000 crore rupees as a Category-11 Alternative Investment Fund (AIF) registered with SEBI(Securities and Exchange Board of India). State Bank of India (SBI) & Life Insurance Corporation of India (LIC) besides sovereign wealth funds and pension funds will provide the remaining Rs 15,000 crore to reach Rs.25000 crores.
i.Background: Earlier on September 14, 2019, Finance Minister Nirmala Sitharaman announced that the government will provide funds of Rs 10,000 crore to complete 1,600 stalled residential projects.Then, the government barred projects that have been declared as defaulters or are facing bankruptcy proceedings from availing the benefits of the scheme.Cabinet nod is the modified version of the September 14 plan and decided to issue Rs.25000.
ii.SBICAP (SBI Capital Markets Ltd Ventures Ltd ) will run the AIF and ensure the funds are utilized only for completion of the intended projects.
It means any fund incorporated / established in India which is a privately collective investment vehicle. AIF collects funds from certain investors for investing it in accordance with a defined investment policy for the benefit of its investors.
Approval for cadre review of Posts & Telegraphs Building Works Service Group A
In a bid to strengthen the cadre structure at the headquarters & in the field units of the telecommunications and post department, the Union Cabinet has given its approval for cadre review of Posts & Telegraphs Building Works Service, Group A. Earlier, the number P&T BWS duty was fixed at 105.
i.In 1990 ,The P&T BWS, Group A, was set up as an organized Group A service, which includes 3 wings – civil, electrical and architecture. It mainly caters to the Department of Telecommunications (DoT) and the Department of Posts (DoP).
ii.Now ,there will be no fresh recruitment into the Cadre and that it will be phased out in a manner that there is no adverse impact on the incumbents.