On April 8, 2022, the Union Cabinet Prime Minister (PM) of India Narendra Modi has approved the following proposals:
- Extension of Atal Innovation Mission till March 2023
- Providing 1-time window of 3-month to PSUs to Surrender Non-Operational Coal Mines without Penalty
- Distribution of Fortified Rice across Government Schemes upto June 2024
- Signing of Bilateral MoU between SEBI and FRC, Mongolia
Cabinet approves extension of Atal Innovation Mission
The Union Cabinet approved the continuation of Atal Innovation Mission (AIM), till March 2023 to work towards its following intended target of culture of innovation and entrepreneurship using digital tools:
- Establishing 10000 Atal Tinkering Labs (ATLs)
- Establishing 101 Atal Incubation Centers (AICs)
- Establishing 50 Atal Community Innovation Centers (ACICs) and
- Supporting 200 startups via the Atal New India Challenges.
The total budgeted expenditure of over Rs 2000 crore will be incurred for these establishments and support.
About Atal Innovation Mission (AIM):
It has been launched under the aegis of National Institution for Transforming India (NITI) Aayog to develop programs and policies for fostering innovation in different sectors of the economy. In this regard, it has collaborated with various international agencies such as the AIM – SIRIUS Student Innovation exchange program with Russia, AIM – ICDK (Innovation Centre Denmark) Water Challenge with Denmark, and IACE (India Australian Circular Economy Hackathon) with Australia.
- The programs of AIM cover 34 states and Union Territories (UTs).
- Mission Director– Dr Chintan Vaishnav
- Headquarters- New Delhi, Delhi
Cabinet approves 1-time window of 3-month to PSUs to Surrender Non-Operational Coal Mines without Penalty
The Cabinet Committee on Economic Affairs (CCEA) chaired by PM Narendra Modi approved the proposal to provide a one-time window to Central and State Public Sector Undertakings (PSUs) to surrender coal mines that are not in operations, without any penalty (forfeiture of bank guarantee) and without citing any reason.
- For this, 3-month time will be given to these PSUs from the date of publication of the approved surrender policy.
Reason behind this:
The inoperative coal mines with PSUs can be put for sale as per the present auction policy of the government because their early operationalization will provide employment, boost investment, contribute to economic development of backward, reduce litigation and promote ease of doing business, and reduce import of coal.
Background:
These mines were allocated to PSUs on the allotment route after the Supreme Court cancelled them on various charges in 2014. These were allocated to prevent immediate disruption of coal supplies to thermal power plants.
- Till December 2021, 45 mines out of 73 coal mines allotted to government companies, remained non-operational and the due date of commencement of mining operations in case of 19 coal mines has already passed.
Cabinet approves Distribution of Fortified Rice across Government Schemes upto June 2024
CCEA also approved the supply of fortified rice, worth approx. Rs. 2,700 crore per annum, throughout the Targeted Public Distribution System (TPDS) by June 2024 in a phased manner. The entire cost of rice fortification will be borne by the Central Government as part of food subsidy till its full implementation.
- This rice fortification will be done under the National Food Security Act (NFSA), Integrated Child Development Services (ICDS), Pradhan Mantri Poshan Shakti Nirman-PM POSHAN [erstwhile Mid-Day Meal Scheme (MDM)] and Other Welfare Schemes (OWS) of Government of India in all States and Union Territories (UTs).
Three phases for full implementation of Rice Fortification Initiative:
i.Phase-I: Covering ICDS and PM POSHAN in India all over by March, 2022 which is under implementation.
ii.Phase-II: Phase I above plus TPDS and OWS in all Aspirational and High Burden Districts on stunting (total 291 districts) by March 2023.
Phase-Ill: Phase II above plus covering the remaining districts of the country by March 2024.
Key Points:
i.The FCI (Food Corporation of India) and State Agencies are already engaged in procurement of fortified rice and so far nearly 88.65 LMT (Lakh Metric Tonnes) of fortified rice has been procured for the supply and distribution.
ii.The announcement on Fortification of Rice on August 15, 2021 for providing nutrition to every poor Indian person to overcome malnutrition and lack of essential nutrients in women, children, lactating mothers etc.
iii.Earlier, the Centrally Sponsored Pilot Scheme on “Fortification of Rice and its Distribution under Public Distribution System” was implemented for a period of 3 years from 2019-20 in 11 states viz. Andhra Pradesh, Gujarat, Maharashtra, Tamil Nadu, Chhattisgarh, Uttar Pradesh, Odisha, Telangana, Madhya Pradesh, Uttarakhand and Jharkhand.
- These states successfully distributed the fortified rice in their identified districts (one district per State).
Cabinet Approval with other countries:
Cabinet approves signing of Bilateral MoU between SEBI and FRC, Mongolia
The Cabinet has approved the proposal for signing a bilateral Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Regulatory Commission, Mongolia (FRC).
What is in the MoU?
i.Strengthening the information sharing framework leading for effective enforcement of securities laws
ii.Establishing a technical assistance programme that will benefit the Authorities through consultations on matters relating to capital markets, capacity building activities and training programs for the staff.
Reason behind this MoU:
SEBI and FRC are co-signatory to International Organization of Securities Commissions’ Multilateral MoU (IOSCO MMoU). However, the IOSCO MMoU does not have under its scope the provision for technical assistance. For its addition, FRC has requested SEBI to sign a bilateral MoU.
- Financial Regulatory Commission (FRC) is a parliamentary authority of Mongolia to supervise and regulate the non-bank sector; including the insurance and securities markets, and participants of the microfinance sector.
What empowers SEBI for Agreements?
A Clause (ib) under sub-section (2) of Section 11 of SEBI Act, 2002 empowers SEBI to call for information from, or furnishing information to, other authorities, whether in India or outside India, having functions similar to those of the Board, in the matters relating to the prevention or detection of violations in respect of securities laws, subject to the provisions of other laws.
- For furnishing any information to any authority outside India, SEBI can sign a pact with the prior approval of the Central Government.
- Until now, SEBI has signed 27 bilateral MoUs with capital market regulators of other countries.
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
About Mongolia:
Capital– Ulaanbaatar
Currency– Tugrik
Recent Related News:
i.CCEA has approved the offering of coal (dry fuel) by coal companies via a common e-auction window of CIL (Coal India Limited)/Singareni Collieries Company Limited (SCCL) which will replace the sector specific auctions.
ii.CCEA also approved the national roll-out of Ayushman Bharat Digital Mission (ABDM) which was launched by the PM Narendra Modi in September 2021. It is the mission of the Ministry of Health and Family Welfare (MoH&FW) with a budget of Rs 1600 crore for five years. It will be implemented by the National Health Authority (NHA).
