The Union Cabinet meeting held on Wednesday is the first such meet after the Center announced unlock 1.0.
The Cabinet conference which was headed by Prime Minister Narendra Modi has taken multiple significant steps to give strength and acceleration to the Indian Economy. In the Cabinet meeting, several proposals have been approved to speed up the economy. After the meeting, Prime Minister said that all these decisions are historical and a million of Indians will benefit.
Here are the highlights of the significant decisions taken by the Union Cabinet:
- 2% interest rebate in loans to Small Dealers
MSMEs and other businesses have suffered a tremendous loss due to the lockdown. In these circumstances, the Union Cabinet has accepted the proposal to give a 2% interest rebate to Shishu loan category borrowers under Pradhan Mantri Mudra Yojana, for 12 months to eligible borrowers. Union Minister Prakash Javadekar said this will give a 2 percent interest in rebate to crores of beneficiaries which will encourage such traders.
2. RBI will Supervise all Co-operative Banks of India
After the scams and irregularities in some Co-operative banks, the cabinet meeting has held all the Co-operative banks (either urban Co-operative banks or multi-state Co-operative banks) under the supervision of Reserve Bank (RBI).
There are 58 multi-state co-operative banks and 1482 urban co-operative banks in the country. This decision will be increased confidence among the millions of people who deposit cash in these cooperative banks.
Besides this, the fears of the closing of these banks will also end. This move of the government will also provide assurance to over 8.6 crore depositors of these banks.
3. 15,000 crores endorsed for the endowment of AHIDF
The cabinet has also endorsed a proposal to promote animal husbandry in its meeting on Wednesday. The Cabinet Committee on Economic Affairs has granted its endorsement for the endowment of the Rs 15,000 crore Animal Husbandry Infrastructure Development Fund (AHIDF).
The PM said that this declaration will boost the earnings of our hardworking farmers. There will be an encouragement for investment and regional infrastructure, especially in dairies.
4. Permit Private Industries to infiltrate the Space Sector
Like America, India has also determined to give private companies permission to enter the Space sector. The central government has endorsed the proposal to open India’s space sector for students and private companies.
ISRO is an organization where activities, projects or missions have been carried out. This new facility has been introduced to fill the gap and fulfill the demand mode.
Now, to encourage private sector participation in the entire field of space activities, it has approved far-reaching improvements in the space sector.
This is a recent turn in the sphere of Space. They will strengthen each other’s work.
A new organization has been established. It will be identified as Indian National Space, Authorisation & Promotion Centre. It’ll supervise the private companies in space activities by strengthening strategies in a friendly supervisory environment.
5. Kushinagar Airport now acknowledged as International Airport
The meeting of Cabinet held on Wednesday was very beneficial for Uttar Pradesh. The cabinet has declared the Kushinagar airport in UP as an international airport.
This decision of the government will make it easier for the fans of Buddhism who live abroad to come to Kushinagar.
Many fans from countries like Vietnam, Sri Lanka, Thailand, Japan, want to come here because Kushinagar is the Nirvana site of Mahatma Buddha, so it will now be developed as an international airport.
6. Union Cabinet endorsed the augmentation of tenure of the Commission constituted under Article 340 of the constitution to examine sub-categorization within Other Backward Classes, by 6 months – up to 31-1-2021.
According to statements, the government is also likely to release a fresh set of dos and don’ts for the second phase of unlocking lockdown.
Will these decisions be beneficial in the development of the Indian Economy?