Cabinet Approval 24th June 2020 All MoU and Agreements with Details

Cabinet Approval 24th June 2020 All MoU and Agreements with Details

Cabinet Approval 24th June 2020 All MoU and Agreements with Details

Cabinet Approval 24th June 2020 All MoUs Agreements List: Union Cabinet Approval 24th June 2020 All MoU and Agreements with Details Given Below:

Cabinet approves declaration of Kushinagar Airport in Uttar Pradesh as an International Airport Key Highlights 

The Union Cabinet chaired by the Prime Minister, Narendra Modi has given its approval for declaration of Kushinagar Airport in Uttar Pradesh as an International Airport.

Kushinagar Airport is located in the vicinity of several Buddhist Cultural Sites like Sravasti, Kapilvastu, Lumbini (Kushinagar itself is a Buddhist cultural site) and declaration as an “International Airport” will offer improved connectivity, wider choice of competitive costs to the air-travellers. It will result in boosting of domestic/international tourism and economic development of the regions.

2% Interest Subvention approved on prompt repayment of Shishu Loans under Pradhan Mantri MUDRA Yojana for a period of 12 months 

Union Cabinet chaired by Prime Minister Narendra Modi approved approved a scheme for interest subvention of 2% for a period of 12 months, to all Shishu loan accounts under Pradhan Mantri Mudra Yojana (PMMY) to eligible borrowers.

The scheme will be extended to loans which meet the following criteria - outstanding as on 31st March, 2020; and not in Non-Performing Asset (NPA) category, as per Reserve Bank of India (RBI) guidelines, on 31st March 2020 and during the period of operation of the Scheme.

The interest subvention would be payable for the months in which the accounts are not in NPA category including for the months that the account becomes a performing asset again, after turning NPA. The scheme will incentivize people who will make regular repayments of loans.

Cabinet approves establishment of Animal Husbandry Infrastructure Development Fund 

In pursuance of recently announced Atma Nirbhar Bharat Abhiyan stimulus package for ensuring growth in several sectors, the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved setting up of Animal Husbandry Infrastructure Development Fund (AHIDF) worth Rs. 15000 crore.

Government has been implementing several schemes for incentivizing the investment made by dairy cooperative sector for development of dairy infrastructure. However, government realizes that even MSMEs and Private companies also need to be promoted and incentivized for their involvement in processing and value addition infrastructure. AHIDF would facilitate much needed incentivisation of investments in establishment of such infrastructure for dairy and meat processing and value addition infrastructure and establishment of animal feed plant in the private sector. The eligible beneficiaries under the Scheme would be Farmer Producer Organizations (FPOs), MSMEs, Section 8 Companies, Private Companies and individual entrepreneur with minimum 10% margin money contribution by them. The balance 90% would be the loan component to be made available by scheduled banks.

Cabinet approves additional investment by ONGC Videsh Ltd. for development of blocks A-1 and A-3 Blocks of Myanmar 

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved additional investment of US$ 121.27 million (about Rs.909 crore) by ONGC Videsh Ltd (OVL) towards further development of blocks A-1 and A-3 Blocks of Shwe oil & gas project in Myanmar.

ONGC Videsh Ltd. (OVL) has been associated with exploration and development of Shwe project in Myanmar since 2002, as part of consortium of companies from South Korea, India and Myanmar. The Indian PSU, GAIL, is also an investor in this project. OVL has invested US$ 722 million till 31st March 2019 in this project.

The first gas from the Shwe Project was received in July 2013 and plateau production was reached in December 2014. The Project has been generating positive cash flows since FY 2014-15.

Cabinet approves Historic reforms initiated in the Space sector Highlights with Details

Union Cabinet chaired by Prime Minister Narendra Modi today approved far reaching reforms in the Space sector aimed at boosting private sector participation in the entire range of space activities. The decision taken is in line with the long-term vision of the Prime Minister of transforming India and making the country self-reliant and technologically advanced.

India is among a handful of countries with advanced capabilities in the space sector. With these reforms, the sector will receive new energy and dynamism, to help the country leapfrog to the next stages of space activities.

This will not only result in an accelerated growth of this sector but will enable Indian Industry to be an important player in global space economy. With this, there is an opportunity for large-scale employment in the technology sector and India becoming a Global technology powerhouse.