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The Union Cabinet has cleared disinvestment of the country's largest insurer LIC and a panel headed by the finance minister will now decide on the quantum of stake dilution, a senior official said on Monday. The Department of Investment and Public Asset Management (DIPAM) had in January appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO (initial public offering), which is touted to be the biggest public issue in Indian corporate history. The Budget amendments to the LIC Act has been notified and the actuarial firm is expected to finalise the embedded value of the life insurer. Under the embedded value method, the insurance company's present value of future profit is also included in its present net asset value.
Finance Minister Nirmala Sithraman on Saturday proposed a budget of Rs 85,000 crore in 2020-21 for the welfare of Scheduled Castes and Other Backward Classes and Rs 53,700 crore for Scheduled Tribes.
Mandaviya said this is the second phase of the Emergency Response and Health System Preparedness Package as the Central government had given Rs 15,000 crore earlier for setting up Covid-dedicated hospitals and health centres across the country.
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
The announcement of the officer came after the violent protests broke out in some parts of the country wherein incidents like stone-pelting and setting trains on fire were reported.
The Aam Aadmi Party on Tuesday accused the Bharatiya Janata Party of offering money to its municipal councillors and said it will install CCTV cameras at their homes to prevent any poaching attempt.
Samyukt Kisan Morcha (SKM), an umbrella body of farmer unions, has organised protests in different states on Friday to mark the first anniversary of the farmers' movement against three central farm laws.
The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic divestment. The move would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company.
The Union Cabinet on Wednesday approved a proposal to extend distribution of 5 kg foodgrains per month for free under the Pradhan Mantri Garib Anna Yojana (PMGKAY) to over 80 crore ration card holders for four months till March 2022, a decision that will cost an additional Rs 53,344 crore to the exchequer.
The government paid Rs 164.5 crore to Infosys to build the new income tax e-filing portal between January 2019 and June 2021, Parliament was informed on Monday. "The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Managed Service Provider on the lowest cost basis.
Tata Group is in discussions with some major international companies, including those from Taiwan, for its foray into the semiconductor chip business. The Union government had earlier tried to bring in Taiwanese manufacturers Taiwan Semiconductor Manufacturing Company (TSMC) and United Microelectronics Corporation (UMC) for chip manufacturing in India. A person close to the development said the Tatas have now opened a separate channel for a possible tie-up. Currently, India mostly imports chips, which are fabricated and assembled to put into various applications, including automobiles, renewable power, mobile phones, televisions, and other electronic items.
A decision in this regard was taken in the Cabinet meeting chaired by Prime Minister Narendra Modi.
Karunanidhi was convinced that using the 2G cases against the DMK and reopening the fodder case against Lalu Prasad Yadav were products of the Congress leadership's short-sightedness. A revealing excerpt from A S Panneerselvan's Karunanidhi: A Life.
Dominic Xavier asks if the bills will really benefit farmers or if this is a ploy by the Modi government to push the agricultural sector towards privatisation.
'The President of India, as advised by the prime minister, has accepted the resignation of Harsimrat Kaur Badal from the Union Council of Ministers, with immediate effect,' the Rashtrapati Bhavan said in a statement.
Bhupender Yadav's entry to the Modi government as a Cabinet minister is seen as his just reward after serving as a party office-bearer for the longest term among all current occupants.
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
The Union Cabinet on Wednesday gave its nod for amendments in the Insurance Act, paving way for 74 per cent foreign direct investment in the sector. Currently, the permissible FDI limit in the life and general insurance stands at 49 per cent with ownership and management control with Indian. According to sources, the Cabinet in its meeting has approval for amendments in the Insurance Act, 1938.
Finance Minister Nirmala Sitharaman on Monday called on President Ram Nath Kovind before presenting the Union Budget 2021-22. As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament. The Union Cabinet will meet at 10.15 am to clear the Budget.
The Union Cabinet, headed by Prime Minister Narendra Modi, also observed silence for two minutes in the memory of Mukherjee.
According to official sources, family members of former prime ministers will not be guarded by the elite SPG commandos, as per the amendments approved by the Union cabinet.
The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act, paving the way for privatisation of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. The finance ministry will move amendments to the insurance Act in the ongoing Parliament session.
A senior party leader on the condition of anonymity said the CWC meeting will be called next week although the agenda is to be worked out and finalised.
The government's agenda also includes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Earlier, after resigning on November 8, Fadnavis had updated his Twitter bio, changing it to 'caretaker chief minister' from chief minister.
The Union Cabinet on Wednesday approved a Rs 26,058 crore production linked incentive (PLI) scheme for auto, auto-components and drone industry to enhance India's manufacturing capabilities, Union Minister Anurag Thakur said on Wednesday. The PLI scheme will incentivize the emergence of advanced automotive technologies' global supply chain in India.
He is learnt to have said that Question Hour is an important part of parliamentary proceedings as the government gets a chance to put across the various decisions taken by it in public interest.
National Security Advisor Ajit Doval on Thursday called for seamless coordination among various agencies involved in protecting India's maritime interests in the face of emerging security challenges and increasing rivalries and competitions in the Indian Ocean.
During the monsoon session, which began on Monday, the Opposition is seeking to corner the government on its handling of the standoff with China along the Line of Actual Control in Ladakh, the COVID-19 situation, economic downturn and unemployment, and is pressing for discussions on these issues.
The government on Wednesday decided to give Rs 3,737 crore bonus to 30.67 lakh central government employees to encourage spending during the festival season and add to demand in the economy.
The government on Wednesday approved merger of crisis-ridden Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL) and removed restrictions on withdrawal of deposits by depositors. The Union Cabinet has approved the merger of the LVB with DBS Bank India Limited, Union Minister Prakash Javadekar told reporters, adding the decision will provide comfort to 20 lakh depositors and protect the services of 4,000 employees.
With the Russia-Ukraine war roiling financial markets globally, the government may defer the mega IPO of LIC and wait for an opportune time to get the maximum value of its holding in the state-owned insurance behemoth, sources said. "It's a full blown war now so we will have to assess the situation for going ahead with the LIC IPO," a government source said. Finance Minister Nirmala Sitharaman, too, had indicated review of the IPO in view of the evolving geopolitical situation.
This is likely to be the last extension of the central rule in the state as the Election Commission had issued a statement recently stating that elections in Jammu and Kashmir would be announced after the annual Amarnath Yatra beginning on July 1.
The Union Cabinet on Thursday approved a proposal to allow 100 per cent foreign direct investment (FDI) in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL). The approval by the Cabinet will enable the sale of the government's 52.98 per cent stake in BPCL to a foreign buyer, and, at the same time, will open the door for FDI in other public sector companies in the oil sector put up for privatisation.
'We are targeting the 5G tender around January-March 2023.'
The Union Cabinet on Wednesday approved the signing of a comprehensive economic cooperation agreement, a kind of a free trade pact, between India and Mauritius which is aimed at liberalising norms to boost two-way commerce
Kaur, the Union Minister of Food Processing Industries, is the only SAD representative in the Modi government.
Making a scathing attack against the Left government, he said the practice of giving pension benefits to the personal staff of ministers just after completing two years a few months ago was a 'gross violation and abuse of authority.'
The Ministry of Education was renamed as the HRD ministry in 1985 during the tenure of then prime minister Rajiv Gandhi.
