Cabinet gives boost to ‘Make in India’
Author: Desk May 25, 2017
The government has taken a major step to boost “Make in India” and self-reliance in the country’s defence needs.
The Union Cabinet under Prime Minister Narendra Modi’s leadership has cleared strategic partnership model with Indian and foreign defence manufacturers for domestically producing key defence equipments.
Fighter planes, helicopters, submarines, main battle tanks and armoured vehicles necessary for the country’s security will be made in India through strategic partnership with Indian and foreign defence manufacturers.
The cabinet also took a decision in the interest of sugarcane farmers.
It hiked the fair and remunerative price for procuring sugarcane by Rs. 25 per quintal.
The next procurement season beginning in October for 2017-18 fiscal will see sugarcane FRP go up to Rs. 255 per quintal from 230.
In another major decision, the union cabinet approved the abolition of 25-year-old Foreign Investment Promotion Board.
Through years of liberalisation and several foreign investment friendly steps since 2014 only 11 sectors were now left where FIPB approval was required.
Now, departments concerned can take the call. If any proposal relates to national security, Home Ministry’s clearance would be required.
The decision shows the government wants to accelerate foreign investments in the country which are in national interest with complete transparency while cutting out red tape.
– the cabinet has also approved the proposal to set up new AIIMS at Kamrup in Assam
– It even cleared the 29.7 kms long Noida-Greater Noida metro rail project
– The project will be fully elevated and would cost 5,503 crore rupees
– It is scheduled to be completed by April next year
Another key decision is approval of policy for giving preference to Make in India in government procurements..Local suppliers will be at an advantage in this policy..and this will in turn help generate jobs, boost demand and the economy.