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Saturday, February 27, 2010

PSU ownership broad-based in Oil India, NHPC, NTPC and REC



---------- Forwarded message ----------
From: Press Information Bureau Ministry of I&B <pib.kolkata@gmail.com>
Date: Fri, Feb 26, 2010 at 2:04 PM
Subject: General Budget 2010-11 part3



Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET: 2010-11
PSU ownership broad-based in Oil India, NHPC, NTPC and REC

GOVERNMENT TO RAISE Rs. 25,000 CRORE IN THE CURRENT YEAR – HIGHER
AMOUNT TO BE RAISED DURING 2010-11
New Delhi: February 26, 2010.

Shri Pranab Mukherjee, Union Finance Minister, while presenting the
Union Budget in Lok Sabha today informed that the ownership has been
broad based in Oil India Limited, NHPC, NTPC and Rural Electrification
Corporation (REC) while the process is on for National Mineral
Development Corporation and Satluj Jal Vidyut Nigam (SJVN). The
government will raise about Rs.25,000 crore during the current year.
Through this process, it is proposed to raise a higher amount during
2010-11. The proceeds will be utilized to meet the capital expenditure
requirements of social sector schemes for creating new assets.

The market capitalization of 5 companies which have been listed since
October 2004 has increased by 3.8 times from the book value of
Rs.78,841 crore to Rs.2,98,929 crore.

bsc/rj/mrs/21/dk/kol/13:57 hrs.

Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET 2010-11
National Social Security Fund for unorganized sector workers set up

RSBY BENEFITS EXTENDED TO ALL MAHATMA GANDHI NREGA BENEFICIARIES
HAVING WORKED FOR MORE THAN 15 DAYS IN LAST FINANCIAL YEAR

NEW SCHEME, SWAVALAMBAN, LAUNCHED FOR NATIONAL PENSION SCHEME SUBSCRIBERS
New Delhi: February 26, 2010.

The Finance Minister, Shri Pranab Mukherjee, while presenting the
Union Budget 2010-11, in the Lok Sabha today, has announced three
major initiatives for the unorganized sector. The National Social
Security Fund for unorganized sector workers is to be set up with an
initial allocation of Rs. 1000 crore. This fund will support schemes
for weavers, toddy tappers, rickshaw pullers, bidi workers etc. The
Finance Minister has stated in his speech that this has been done
recognizing the need for providing social security to the workers in
the unorganized sector, and as a follow up to the unorganized Sector
Workers Social Security Act,2008.

The Finance Minister has also announced that the benefits of the
Rashtriya Swasthya Bima Yojana (RSBY) will now be extended to all such
Mahatma Gandhi NREGA beneficiaries who have worked for more than 15
days during the preceding financial year. The scheme provides health
insurance cover to BPL workers and their families, and so far more
than one crore smart cards have been issued under this scheme.

Shri Mukherjee today also stated that a new initiative, Swavalamban,
will be available for persons who join the New Pension Scheme (NPS),
with a minimum contribution of Rs. 1,000 and a maximum contribution of
Rs. 12,000 per annum during the financial year 2010-11, wherein the
Government will contribute Rs. 1,000 per year to each NPS account
opened in the year 2010-11. An allocation of Rs. 100 crore has been
made for this initiative.

bsc/mv/gc/8/dk/kol/13:58 hrs.



Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET 2010-11
Plan allocation for Power Sector doubled
New Delhi: February 26, 2010.

The Plan allocation for the Power Sector has been doubled from
Rs.2,230 crore in 2009-10 to Rs.5,130 crore in 2010-11. The allocation
does not include allocations for Rajiv Gandhi Grameen Vidyutikaran
Yojana (RGGVY). This was announced by the Finance Minister, Shri
Pranab Mukherjee in his Budget speech in Parliament today.

The Minster said that Government accords the highest priority to
capacity addition in the Power Sector. The framework for induction of
super critical technology in large capacity power plants of the
National Thermal Power Corporation is now in place. The Mega Power
Policy has been modified is now consistent with the National
Electricity Policy, 2005 and Tariff Policy, 2006. This, the Finance
Minister said, would help in lowering the cost of generation and cost
of power purchased by the distribution utilities.

The total outlay for the Ministry of Power is Rs.60,751.42 crore. The
provisions are mainly towards schemes pertaining to NHPC – Rs.781
crore, Energy Conservation - Rs.143.94 crore, Bureau of Energy
Efficiency - Rs.66.92 crore, RGGVY – Rs.5,500 crore, Restructured
Accelerated Power Development Reform Programme – Rs.3,700 crore and
interest subsidy on National Electricity Development Fund – Rs.227.64
crore.

The total outlay for Nuclear Power Scheme is Rs.4,739 crore. The Plan
outlay consists of Rs.1848 crore by way of budgetary support and
Rs.2,891 crore of IEBR.

bsc/mc/mk/9/dk/kol/13:58 hrs.

Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET: 2010-11
Government Expects to introduce Direct Tax Code and GST from April 2011
New Delhi: February 26, 2010.

Shri Pranab Mukherjee, Union Finance Minister, while presenting the
Union Budget in Lok Sabha today, said that the wide-ranging
discussions on the Direct Tax Code (DTC) with stakeholders have been
concluded and the government will be in a position to implement the
DTC from April 1, 2011.

The Minister also informed the House that the Union Government is
actively engaged with the Empowered Committee of State Finance
Ministers to finalise the structure of Good and Services Tax (GST) as
well as the modalities of its expeditious implementation. The
government will endeavour to introduce GST by April 2011, the Minister
added.

bsc/rj/mrs/19/dk/kol/13:59 hrs.



Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET 2010-11
Competitive bidding process for allocation of coal blocks

"COAL REGULATORY AUTHORITY" TO BE SET UP
New Delhi: February 26, 2010.

The Finance Minister, Shri Pranab Mukherjee in his Budget speech in
Parliament today, proposed to introduce a competitive bidding process
for allocating coal blocks for captive mining. This, he said, would
ensure greater transparency and increased participation in production
from these blocks.

The Minister said that coal is the mainstay of India's energy sector
and 75% of the power generation in the country is currently coal
based.

The Minister also announced that the Government proposes to take steps
to set up a "Coal Regulatory Authority" to create a level plain field
in the coal sector. This, he said, would facilitate resolution of
issues like economic pricing of coal and benchmarking of standards of
performance.

Keeping in view the importance of energy sector for infrastructure
support to the Indian economy, the Plan Outlay for the Ministry of
Coal has been fixed at Rs. 13,518.39 crore. This will be met by
budgetary support of Rs.400 crore and IEBR of Rs.13,118.39 crore.

bsc/mc/mk/13/dk/kol/13:59 hrs.

Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET: 2010-11
Nutrient Based Subsidy Policy for fertiliser sector to be effective
from April 1, 2010
New Delhi: February 26, 2010.

Shri Pranab Mukherjee, Union Finance Minister, while presenting the
Union Budget in Lok Sabha today, said that a Nutrient Based Subsidy
Policy for the fertilizer sector has been approved by the government
and will become effective from April 1, 2010. This policy is expected
to promote balanced fertilization through new fortified products and
focus on extension services by the fertilizer industry. This will lead
to an increase in agricultural productivity and consequently better
returns for the farmers. The policy is further expected to reduce
volatility in the demand for fertilizer subsidy in addition to
containing the subsidy bill. The government will ensure that nutrient
based fertilizer prices for transition year 2010-11, will remain
around MRPs currently prevailing. The new system will move towards
direct transfer of subsidies to the farmers, Shri Mukherjee added.

The Minister informed the House that an Expert Group that was set up
to advise the government on a viable and sustainable system of pricing
of petroleum products has submitted its recommendations and apprised
that a decision on these recommendations will be taken in due course

bsc /rj/mrs/11/dk/kol/14:00 hrs.



Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET 2010-11
Rs.1200 crore for Financial Restructuring of NACIL

Rs.120.50 CRORE FOR DEVELOPMENT OF AIRPORTS IN NORTH-EAST
New Delhi: February 26, 2010.

As part of the process of financial restructuring the National
Aviation Company of India Limited (NACIL), an amount of Rs.1200 crore
has been provided in the Budget 2010-11 and included in the Outlay of
the Ministry of Civil Aviation which totals at Rs.9588.30 crore of
which budgetary support is Rs.2,000 crore. This was announced by the
Finance Minister, Shri Pranab Mukherjee in his Budget speech in
Parliament today.

Airports Authority of India (AAI) has been provided with a budgetary
support of Rs.600.50 crore out of which Rs.120.50 crore has been
earmarked for development of airports in North-Eastern States. The
remaining Rs.480 crore is for the development of airports in other
crucial areas like Leh, Ajmer, Agatti, Port Blair, Tirupati,
Pudducherry etc. and the satellite based navigation project (GAGAN). A
provision of Rs.40 crore has been made for development of helipad at
Rohini in the National Capital Region of Delhi and for helicopter
training institute/heliport in Pune by Pawan Hans Helicopters Ltd.

bsc/mc/mk/34/dk/kol/14:00 hrs.

Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET 2010-11
Rs. 1,114 crore Budgetary Support for Development of Rural Roads in
North-Eastern Region and Sikkim
New Delhi: February 26, 2010.

A total budgetary support of Rs.12,000 crore has been made for
development of rural roads including bridges. Out of which a provision
of Rs.1,114 crore has been earmarked for North-Eastern region and
Sikkim. This was announced by the Finance Minister, Shri Pranab
Mukherjee in his Budget speech in Parliament today.

This provision has been made under the Department of Rural Development
for Pradhan Mantri Gram Sadak Yojana (PMGSY). It is expected that
about 1.67 lakh habitations will be covered under this programme which
would involved construction of 3,65,279 kms. of roads for new
connectivity and 3,68,000 kms. under upgradation at an estimated cost
of Rs. 1,32,000 crore at 2004-05 prices.

To achieve the targets of Bharat Nirman, 1,46,185 kms. of road length
is proposed to be constructed by 2012 to benefit 54648 unconnected
eligible habitations in the country. To ensure complete farm to market
connectivity, it has also been proposed to upgrade 1,94,130 kms. of
the existing associated Through Routes.

bsc/mc/mk/40/dk/kol/14:01 hrs.



Press Information Bureau
Government of India
* * * * *
Ministry of Finance                                                             GENERAL BUDGET: 2010-11
Apex Level Financial Stability and Development Council to be set up
for maintaining financial stability

Rs.16,500 CRORE PROPOSED FOR PUBLIC SECTOR BANKS TO ATTAIN MINIMUM 8
PER CENT TIER-I CAPITAL

GOVERNMENT TO PROVIDE FURTHER CAPITAL TO STRENGTHEN RRBs
New Delhi: February 26, 2010.

Shri Pranab Mukherjee, Union Finance Minister, while presenting the
Union Budget in the Lok Sabha today, said that an Apex level Financial
Stability and Development Council is proposed to be set up with a view
to strengthen and institutionalize the mechanism for maintaining
financial stability. This Council would monitor macro prudential
supervision of the economy, including the functioning of large
financial conglomerates, and address inter-regulatory coordination
issues. It will also focus on financial literacy and financial
inclusion.

During 2008-09, the government had infused Rs.1900 crore as Tier-I
capital in four public sector banks to maintain a comfortable level of
capital to Risk Weighted Asset Ratio. An additional sum of Rs.1200
crore is being infused now. For the year 2010-11, it is proposed to
provide a sum of Rs.16,500 crore to ensure that the public sector
banks are able to attain a minimum 8 per cent Tier-I capital by March
31, 2011.

Regional Rural Banks (RRBs) which were last capitlised in 2006-07 are
proposed to be further strengthened by providing additionalcapital so
that they have adequate capital base to support increased lending to
the rural economy.

Shri Mukherjee informed the House that the Reserve Bank of India (RBI)
is considering giving some additional banking licences to private
sector players. Non-Banking Financial Companies could also be
considered, if they meet the RBI's eligibility criteria, he added.

bsc/rj/mrs/7/dk/kol/14:01 hrs.



--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

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