New Delhi: The Union Cabinet has referred the pending new national policy on mines and minerals to a group of ministers, while approving several new proposals, including reduction of Central sales tax from 4% to 3% from April, and setting up a new Indian Institute of Management in Shillong, Meghalaya.
The government will also introduce a pending bill meant to allow foreign players in higher education in the country in Parliament during the coming Budget session, Union information and broadcasting minister Priya Ranjan Dasmunsi said.
The Cabinet approved a plan of Andrew Yule & Co. to sell off its stake in Tide Water Oil India, Phoenix Yule and Dishergarh Power Supply Ltd. ONGC Corp. had earlier tried to buy Andrew Yule’s stake in Tide Water, but the bid was rejected by the government.
The estimated sales proceeds of Rs76.21 crore would be used to fund the restructuring requirements. The company was allowed to hive offthe electrical engineering division into two separate subsidiary companies, Yule Engineering Ltd and Yule Electrical Ltd, prior to selling thesebusinesses.
The Cabinet has also doubled the approved management cost for its flagshipNational Rural Employment Guarantee Act (NREGA) to4% of total expenditure, the minister said.
The budget for NREGA is currently Rs12,555 crore of which the Centre’s share is Rs11,300 crore and the states bear the balance. At this level, the management cost would work out to Rs502 crore.
The Cabinet has also approved the transfer of West Bengal’s National Instruments Ltd to Jadavpur University,in an effort to promote industry-institute interaction and technology development under the public-private partnership model.