The union cabinet headed by PM Modi has given its approval to several MoUs or agreements, Projects and schemes on April 12, 2017.
Cabinet approves signing of Framework of Understanding between India and Bangladesh on Cooperation in the hydrocarbon sector
The Union Cabinet, chaired by PM Narendra Modi has approved signing of Framework of Understanding (FoU) on Cooperation in the Hydrocarbon Sector with Bangladesh.
- Under this FoU, an institutional mechanism for boosting cooperation in hydrocarbon sector will be established, which will be equally beneficial for both the countries. This non-binding FoU will be valid for 5 years.
Cabinet approves MoU on cooperation in the field of justice between India and Tunisia
A Memorandum of Understanding (MoU) on cooperation in the field of justice between India and the North African country, Tunisia has been approved by the Union Cabinet. Signing of this MoU will further strengthen India -Tunisia bilateral relation which has been moving in the positive direction in recent years.
- Capital: Tunis
- Currency: Tunisian dinar
- Prime minister: Youssef Chahed
Cabinet approves implementation of Supreme Court’s Judgment regarding Target Plus Scheme (TPS) under Foreign Trade Policy (FTP) 2004-09
The judgment pertaining to Target Plus Scheme (TPS) under Foreign Trade Policy (FTP) 2004-09 was passed by Supreme Court on October 27, 2015.
- Implementing the Supreme Court judgement by settling the pending claims under TPS will have financial implication of Rs. 2700 crore for the central govt.
- TPS was one of the important aspects of Foreign Trade Policy (FTP) 2004-09 that aimed to boost exports in lieu of other benefits for the exporters who achieved specific targets.
- After the scheme was implemented, the benefits stipulated in the policy were narrowed down with retrospective effect, which led to litigation by exporters.
Cabinet approves setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam in Andhra Pradesh
IIPE will be built at a cost of over Rs. 655 crore. It will have a status of an ‘Institute of National Importance’ and will have a legal mandate to grant degrees just as any other Indian Institute of Technology (IIT).
- Building IIPE was one the commitments made to Andhra Pradesh, when Telangana was carved out as a separate state.
- IIPE will be constructed at Sabbavaram Mandal in Visakhapatnam district on 200 acres of land which has been allocated by Andhra Pradesh State Govt., free of cost.
- Through a separate act, IIPE will be designated as ‘Centre of Excellence’ in petroleum and energy studies.
Cabinet approves setting up of a Special Purpose Vehicle to be called Government e-Marketplace (GeM SPV)
With a view to facilitate online procurement of common use goods and services by central and state government entities in a transparent and efficient manner, Union Cabinet has decided to set up a Special Purpose Vehicle (SPV) to be called ‘Government e-Marketplace’ (GeM SPV)
- This SPV will be set up as a non-profit organisation under Companies Act, 2013. It will replace the Directorate General of Supplies and Disposal (DGS&D).
Cabinet approves MSP for Raw Jute for 2017-18 season
In order to safeguard the economic interests of Jute farmers, Govt. has hiked the Minimum Support Price (MSP) for raw Jute from Rs. 3200/- per quintal in previous season to Rs. 3500/- for 2017-18 season.
- Helping the Jute industry is high on Govt. agenda as around 40 lakh families (mainly in West Bengal, Bihar and Assam) are dependent upon it. Jute is an essential raw material for the packaging industry.