Top 4 policies Modi Cabinet cleared today, from telecom, sugar, to GSTN Network
PM Narendra Modi headed Cabinet today took a number of important policy decisions that will help boost Indian economy in various ways over the short and long term. Cabinet cleared a number of policies today from telecom, GSTN Network to MCI.
PM Narendra Modi headed Cabinet today took a number of important policy decisions that will help boost Indian economy in various ways over the short and long term. Cabinet cleared a number of policies today from telecom, GSTN Network to MCI. Let's have a look at what all policies the Cabinet had cleared today:
1. The Cabinet today approved the new telecom policy, now named National Digital Communications Policy (NDCP) 2018, which aims to attract USD 100 billion investment and create 4 million jobs in the sector by 2022. According to the draft of the policy, NDCP is focused on increasing high-speed broadband penetration with use of modern technologies like 5G and optical fibres across the country at affordable rates.
The draft promised to rationalise levies such as spectrum charges to rejuvenate debt-ridden telecom sector, the proposed new telecom policy seeks to provide broadband access to all with 50 megabit per second speed, 5G services and create 40 lakh new jobs by 2022.
It included provisions to adopt "Optimal Pricing of Spectrum" to ensure sustainable and affordable access to digital communications. High spectrum price and related charges have been main concern of telecom services segment, which is reeling under a debt of around Rs 7.8 lakh crore.
2. The Cabinet approved a Rs 4,500 crore package for the sugar industry that includes over two-fold jump in production assistance to cane growers and transport subsidy to mills for export up to 5 million tonnes in the marketing year 2018-19, sources said. The Cabinet Committee on Economic Affairs (CCEA) approved the food ministry's proposal that seeks to address the surplus domestic stock of sugar and help mills in clearing huge cane arrears of around Rs 13,000 crore.
3. The Cabinet cleared proposal to make GST Network (GSTN) 100 per cent government company, Finance Minister Arun Jaitley said. Currently, the Centre and states together hold 49 per cent stake in the GST Network, the company that provides IT backbone to the new indirect tax regime. The remaining 51 per cent is held by five private financial institutions -- HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd.
The proposal to convert GSTN into 100 per cent government-owned company was earlier approved by the all-powerful GST Council.
4. President Ram Nath Kovind Wednesday signed an ordinance to set up a committee to run the Medical Council of India till a bill which seeks to replace the body with a new commission is passed by Parliament, Finance Minister Arun Jaitley said.
A bill to replace MCI with National Medical Commission is pending in Parliament. Briefing reporters, Jaitley said the ordinance was cleared by the Union Cabinet this morning and the President has now given his ascent. He said since the term of the elected body of the MCI is ending shortly, a need was felt to run it by a committee of eminent persons.