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Continuation of programme "Polar Science; Expedition to
The Cabinet Committee on Economic Affairs today accorded its approval for the continuation of the project "Polar Science; Expedition to
The scientific expeditions which started in 1981 have contributed substantially to the growth of polar science in the country. Experiments mounted by Indian Scientists in disciplines such as atmospheric sciences & meteorology, earth sciences and glaciology, biology and environmental sciences have also contributed directly to global experiments mounted under the aegis of the Scientific Committee on Antarctic Research (SCAR). The Indian Antarctic research base "Maitri" (70o 45' 56.9''S : 11o 44' 08.62"E) is one of the few active permanent research stations in the Central Donning Maudland (CDML) of East Antarctica from where systematic scientific experiments are conducted on a year-round basis. The facilities available at this research base include a weather observatory, geomagnetic station; a permanent seismological observatory, GPS station, ice-core drilling facilities and laboratories for environmental, human health and communication research.
The entire activities related to the planning, coordination and implementation of the Indian Antarctic Programme is managed by the Ministry of Earth Sciences (MoES) through the National Centre for Antarctic & Ocean Research (NCAOR),
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Formation of an Empowered Committee of Secretaries with mandate to consider and recommend proposals to Coal India Limited to invest abroad
The Cabinet Committee on Economic Affairs today approved the proposal that the Empowered Committee of Secretaries, constituted earlier for considering proposals to be taken up by the International Coal Ventures Limited (ICVL), a Special Purpose Vehicle (SPV), set up jointly by SAIL/RINL, NTPC, NMDC/CIL for acquiring coal properties abroad, will also consider proposals for CIL for investments in coal assets abroad, which are beyond the powers of the CIL Board. Such proposals for investment abroad will be submitted by CIL to the above Empowered Committee. The recommendations of the Empowered Committee will be placed before the CCEA for approval. A representative of the Planning commission has also been included in the aforesaid Committee. CCEA also approved the guidelines, to be followed by CIL for investments abroad.
The objectives which the Coal India Ltd. proposes to achieve are:
(i) To bring coking coal and high grade ash thermal coal to
(ii) To adopt best global mining and management practices and to transform CIL into an efficient global coal company with trans-national operations. (iii)
The demand for coal in
In such transactions, negotiation and finalization of deals normally take place in a very short time frame. Therefore, expeditious approval would be required in respect of investment abroad, as the speed of decision making is the key issue. Hence, in order to facilitate expeditious decision making, it is considered necessary to utilize the services of the earlier constituted Empowered Committee of Secretaries for ICVL, also for the CIL's investment proposals abroad, which are beyond the existing financial delegation to a Navratna company, i.e. Rs.1000 crore. This is also a big step forward to grant greater autonomy to the major Navratna PSU like CIL.
The strategy of CIL in the short term with immediate returns would be by way of establishing joint venture or equity participation with companies mining meteorological coal and/or low ash thermal coal mines. In a medium term prospective, CIL would be scouting for equity participation with companies in green field projects and finally in long term, the CIL's intentions would be to acquire/lease coal blocks and mine them on a standalone basis.
It would help CIL to get speedy clearance of its investment proposals abroad which ultimately will help in bridging the ever increasing gap of demand and supply in the coal sector. It may also act as a motivating factor, as greater autonomy has been granted to CIL. In long run, all the consumers of this vital resource would be benefited, specifically the infrastructure sectors such as steel, cement and power etc.
Memorandum of Understanding (MoU) for cooperation for development of coal mining in
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Scheme to provide full interest subsidy during the period of moratorium on loans taken by students belonging to economically weaker sections
Scheme to provide full interest subsidy during the period of moratorium on loans taken by students belonging to economically weaker sections from scheduled banks under the Educational Loan Scheme of the Indian Banks' Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognized institutions in India – in short "Scheme of Interest Subsidy on Educational Loans from scheduled banks for professional education of students from economically weaker sections"
The CCEA has approved a Scheme to provide full interest subsidy during the period of moratorium on loans taken by students belonging to economically weaker sections from scheduled banks under the Educational Loan Scheme of the Indian Banks' Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognized institutions in
One of the major concerns of the Government is to ensure that nobody is denied professional education because he or she is poor. The Hon'ble Prime Minister in his Independence Day Speech on 15th August, 2009 had, among other things, announced that "a new scheme will be started to help students form economically weaker sections of society by way of reduced interest rate on their education loans. This will benefit about 5 lakh students in getting technical and professional education". Earlier, Hon'ble Finance Minister in his budget speech 2009-2010, had, among other things, made the following announcement:
"To enable students from economically weaker sections to access higher education, it is proposed to introduce a scheme to provide them full interest subsidy during the period of moratorium. It will cover loans taken by such students from scheduled banks to pursue any of the approved courses of study, in technical and professional stream, from recognised institutions in
The broad parameters of the Scheme are:
(i) The scheme would be applicable for studies in technical and professional courses in
(ii) Under the Scheme, interest payable by the student availing of the Educational Loan Scheme of the Indian Banks' Association for the period of moratorium (i.e. course period, plus one year or six months after getting job, whichever is earlier) as prescribed under the Educational Loan Scheme of the Indian Banks' Association, shall be borne by the Government. After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the student, in accordance with the provisions of the existing Educational Loan Scheme and as may be amended from time to time.
(iii) The benefits under the Scheme would be applicable to those students belonging to economically weaker sections, with an annual income upper limit of Rs. 4.5 lakh per year.
(iv) The interest subsidy under the Scheme shall be available to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees/diplomas. Interest subsidy shall, however, be admissible for combined undergraduate and post graduate courses.
(v) Interest subsidy under this scheme shall not be available for those students who either discontinue the course midstream, due to any reason except on medical grounds, or for those who are expelled from the Institutions on disciplinary or academic grounds.
(vi) The National Minorities Development & Finance Corporation (NMDFC) has an Educational Loan Scheme for individual beneficiaries, which is implemented through State Channelizing Agencies (SCAs). The national Safai Karamcharis Finance and Development Corporation under the Ministry of Social Justice and Empowerment also provides educational loan to the students of the target group for higher education. Interest on Educational Loan provided under these two schemes shall also be subsidized for the period of moratorium.
(vii) Modalities for implementation and monitoring mechanism shall be finalized in consultation with the Canara Bank. There would be a tag/marker on the degree course or student indicating his repayment liabilities.
(viii) The scheme shall be applicable from the academic year 2009-2010.
The Scheme is expected to ease the financial burden on the target group of students to pursue technical and professional studies (after Class XII) in recognized institutions in
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Sale of entire 30 percent equity holding of M/s. TCIL in Bharti Hexacom Ltd. (BHL) a JV Company of TCIL
The Cabinet Committee on Economic Affairs today accorded in principle approval to the proposal of DoT regarding exiting of Telecommunications Consultants India Ltd. (TCIL), from the Bharti Hexacom Ltd. (BHL) on the condition that it should be done at the right time to obtain the best price.
TCIL was setup in 1978 under the administrative control of DoT, Ministry of Communications & Information Technology, as a wholly owned Government undertaking for providing Indian Telecom expertise to friendly developing countries.
In 1995 TCIL incorporated a Joint Venture Company named "Hexacom India Ltd." (HIL) to enter cellular services for diversifying its operations. BHL operates in Rajasthan and North East Circles. TCIL is having 30% equity stake in BHL.
TCIL sought dividends pay out while adopting Annual Accounts every year but this was not agreed to by the Bharti Group on the ground that BHL was using all its internal generations for expansion of network to keep pace with the intense competition in the market. TCIL has neither received any return on its investment nor had effective say in the Company. TCIL sought listing of BHL, so that they could exit at the buoyant prices of mobile companies prevalent in
To meet TCIL's fund requirements for expansion and diversification, Deptt. of Telecommunications had sought the in-principle approval of Cabinet Committee on Economic Affairs for the disinvestment of entire 30% equity stake of TCIL in BHL.
For disinvestment from BHL, TCIL shall initiate process for appointment of Advisors, Legal Advisors and Valuers shortly. Company shall give a global Expression of Interest inviting sale of stake through two stage bidding process viz. Technical and financial bid.
TCIL is having 30% stake in Bharti Hexacom Ltd and 70% is being held by Bharti Airtel Ltd. The purpose of investment in BHL of TCIL was to get prequalified for Cellular services in countries abroad, TCIL will be able to generate funds for its expansion projects by sale of entire 30% stake in equity of TCIL in BHL.
Expenditure towards appointment of Advisors, Legal Advisors and valuers shall be met by TCIL. TCIL will be the beneficiary of the decision.
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