Cabinet oks new disinvestment policy, increases MSP for wheat
New Delhi | Thursday, Nov 5 2009 IST
 

The Cabinet Committee on Economic Affairs (CCEA) today laid down a new policy for disinvestment ensuring that 10 per cent of the equity of listed profit-making Central Public Sector Undertakings (CPSEs) go to the general public.

Briefing newspersons here on the outcome of the CCEA decisions, Home Minister P Chidambaram said all unlisted CPSEs having positive networth, no accumulated losses and having a net profit in the three preceding consecutive years should get listed at stock exchanges. The CCEA also fixed the Minimum Support Price (MSP) for Rabi crops of 2009-10 season to be marketed in 2010-11, with the MSP for wheat being finalised at Rs 1,100 per quintal which is an increase of Rs 20 per quintal over the last year's MSP.

Mr Chidambaram said the MSP for barley has been fixed at Rs 750 per quintal, which is an increase of Rs 70 per quintal than last year's level.

In another decision, the Union Cabinet approved the revised budget from Rs 767 crore to Rs 1,620 crore for the October 2010 Commonwealth Games in the national capital.

The Cabinet considered the proposal sent to it by the Ministry of Youth Affairs & Sports (MYAS) for providing a revised budget of Rs 1,620 crore, as loan to the Organising Committee (OC) Commonwealth Games, 2010, at the prevailing government rate of interest, for organising the games.

Besides, the Cabinet Committee on Infrastructure (CCI) approved four-laning of the 102 km long Baharampur-Farakka section and the 78 km Krishnanagar-Baharampur section on National Highway NH-34 in West Bengal. The projects to be implemented on Design, Build, Finance, Operate and Transfer (DBFOT) basis, in 30 years, will cost an estimated Rs 99879 crore and Rs 672 crore respectively.

The CCEA also approved the splitting of the Production Sharing Contract (PSC) for Block AA-ON/7 in two parts, to consider separate exploration period of Nagaland part of the Block.

The Home Minister stated that the main objective of this approval is to enable carrying out an Additional Exploration Work Programme in Nagaland portion of the Block by signing of a separate PSC for the state's portion, on terms and conditions not inferior to the existing ones in the present PSC. The Cabinet further approved a Commerce Ministry proposal to permit all payments for royalty, lumpsum fee for transfer of technology, payments for use of trademark/brand name on the automatic route without any restrictions and subject to FEMA (Current Account Transaction) Rules, 2000. To get the information about the nature/details of technology and the amount paid for it, a suitable post reporting requirement would be devised within three months in consultation with Department of Economic Affairs and the Reserve Bank of India (RBI).

-- (UNI) -- 05DI29.xml

 

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