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A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

New Delhi [India], March 1 (ANI): The <keyword id="19916620" type="General" weightage="20" keywordseo="union-cabinet" source="keywords">Union Cabinet</keyword>, chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>, has given its nod for the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957, to specify the royalty rates for 12 critical and strategic minerals. This decision includes minerals such as beryllium, cadmium, cobalt, <keyword id="20784576" type="General" weightage="20" keywordseo="gallium" source="keywords">gallium</keyword>, and several others that are pivotal for the nation's strategic sectors, including defence, electronics, and renewable energy. According to an official release from the <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword>, "The Union Cabinet chaired by Prime Minister Narendra Modi approved the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 ('MMDR Act') for specifying the rate of royalty in respect of 12 critical and strategic minerals, viz., Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten and Vanadium." This completes the exercise of the rationalisation of royalty rates for all 24 critical and strategic minerals. It may be noted that the government notified the royalty rate of 4 critical minerals, viz., glauconite, potash, molybdenum and platinum Group of Minerals, on March 15, 2022, and of 3 critical minerals, viz., lithium, Niobium and rare earth elements, on October 12, 2023, according to the release. Recently, the Mines and Minerals (Development and Regulation) Amendment Act, 2023, which came into force on August 17, 2023, listed 24 critical and strategic minerals in Part D of the First Schedule of the MMDR Act. The amendment provided that the mining lease and composite licence for these 24 minerals would be auctioned by the Central Government. The approval by the Union Cabinet for the specification of the rate of royalty will enable the Central Government to auction blocks for these 12 minerals for the first time in the country, it added. The royalty rate on minerals is an important financial consideration for the bidders in the auction of blocks. Further, the method for calculating the average sale price (<keyword id="20301760" type="General" weightage="20" keywordseo="asp" source="keywords">ASP</keyword>) of these minerals has also been prepared by the Ministry of Mines, which will enable the determination of bid parameters. As per the release, the Second Schedule of the MMDR Act provides royalty rates for various minerals. Item No. 55 of the Second Schedule provides that the royalty rate for minerals whose royalty rate is not specifically provided therein shall be 12 per cent of the average sale price (ASP). Thus, if the royalty rate for these is not specifically provided, then their default royalty rate would be 12 per cent of ASP, which is considerably high as compared to other critical and strategic minerals. Also, this royalty rate of 12 per cent is not comparable with other mineral-producing countries. Critical minerals have become essential for economic development and national security in the country. Critical minerals such as Cadmium, Cobalt, Gallium, Indium, selenium and Vanadium have been used in batteries, semiconductors, solar panels, etc. These minerals have gained significance given India's commitment to the energy transition and achieving net-zero emissions by 2070. Minerals like beryllium, titanium, tungsten, tantalum, etc. have been used in new technologies, electronics and defence equipment. Encouraging indigenous mining would lead to a reduction in imports and the setting up of related industries and infrastructure projects. The proposal is also expected to increase the generation of employment in the mining sector. The Geological Survey of India (GSI) and Mineral Exploration &amp; Consultancy Ltd. (MECL) have recently handed over the exploration report of 13 blocks containing one or more critical minerals like cobalt, titanium, gallium, vanadium and tungsten. Further, these agencies are conducting exploration for these critical and strategic minerals in the country. (ANI)

Cabinet approves royalty rates for mining of 12 critical minerals

The <keyword id="6355512" type="General" weightage="20" keywordseo="union-cabinet" source="Orion">Union Cabinet</keyword> on Monday evening approved the <keyword id="109340" type="General" weightage="20" keywordseo="Womens-reservation-bill" source="Orion">women's reservation bill</keyword>, Minister of State <keyword id="2627479" type="General" weightage="20" keywordseo="Prahlad-Singh-Patel" source="Orion">Prahlad Singh Patel</keyword> said. "Only the Modi government had the moral courage to fulfil the demand for women's reservation which was proved by the approval of the cabinet. Congratulations <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> ji and congratulations to the Modi government," the minister said on X. Patel is the Minister of State for Food Processing Industries and Jal Shakti. The Union Cabinet met this evening after the first sitting of the five-day special session of <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword>. The Cabinet meeting chaired by Prime Minister Narendra Modi went on for over 90 minutes. Cutting across political lines, leaders have demanded the introduction of the women's reservation bill, which guarantees a 33 per cent quota in Lok Sabha and state assemblies. The Women's Reservation Bill passed by the Rajya Sabha in 2010 had provision for 33 per cent reservation for women in Lok Sabha and state assemblies. Earlier addressing the media, the Prime Minister said that "historic decisions" will be taken this Parliament session which may be of short duration but is big on occasion. The cabinet meeting was attended by Union ministers including Rajnath Singh, Amit Shah, Piyush Goyal, Pralhad Joshi, S Jaishankar, Nirmala Sitharaman, Dharmendra Pradhan, Nitin Gadkari and Arjun Ram Meghwal. Ever since it was announced that the Parliament session would be held from September 18-22, there has been speculation on various bills, including the women's reservation bill. In his remarks in Lok Sabha on the discussion on 75 years of Parliament, he asserted that the contribution of women parliamentarians has been on the rise over the years. Congress spokesman Jairam Ramesh welcomed the "reported decision" of the Union Cabinet. "It's been a long-standing demand of the Congress party to implement women's reservation. W "We welcome the reported decision of the Union Cabinet and await the details of the Bill. This could have very well been discussed in the all-party meeting before the Special Session, and consensus could have been built instead of operating under a veil of secrecy," Ramesh said on X. PTI KR/SKC NAB SKU BJ SKU RT RT

Women's reservation bill approved by Cabinet, says MoS Patel

In a bonanza for 48 lakh <keyword id="772729" type="General" weightage="20" keywordseo="Central-government-employees" source="Orion">Central government employees</keyword> and 70 lakh pensioners, the government on Friday hiked <keyword id="6429991" type="General" weightage="20" keywordseo="dearness-allowance" source="Orion">dearness allowance</keyword> (DA) and dearness relief (DR) by 4 per cent with retrospective effect from January 1, 2023. The decision was taken in the <keyword id="1246760" type="General" weightage="20" keywordseo="Union-Cabinet-meeting" source="Orion">Union Cabinet meeting</keyword> on Friday evening. According to official sources, the additional instalment will represent an increase of 4 per cent over the existing rate of 38 per cent of the basic pay or pension, to compensate against price rise. The cabinet gave its approval to release an additional instalment of DA to Central government employees and DRA to pensioners with effect from January 1, 2023, they added. The combined impact on the exchequer on account of both DA and DR would be Rs 12,815.60 crore per annum, the sources added. This increase is in accordance with the accepted formula, which is based on the recommendations of the <keyword id="1581536" type="General" weightage="20" keywordseo="7th-Central-Pay-Commission" source="Orion">7th Central Pay Commission</keyword>. DA is calculated as per the latest consumer price index for industrial workers. It is revised periodically twice a year and was last revised in September 2022, and was effective retrospectively from July 1, 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a>

Cabinet clears dearness allowance hike by 4%

The Union <keyword id="6355513" type="General" weightage="20" keywordseo="cabinet" source="Orion">Cabinet</keyword> on Wednesday approved a four per cent increase in <keyword id="6429991" type="General" weightage="50" keywordseo="dearness-allowance" source="Orion">Dearness Allowance</keyword> (DA) for Central government employees and Dearness Relief for pensioners. Briefing reporters about the decisions of the union cabinet, Information and Broadcasting Minister <keyword id="6364468" type="General" weightage="50" keywordseo="anurag-thakur" source="Orion">Anurag Thakur</keyword> said the decision will be implemented from July 1 this year. "Dearness Allowance for Central government employees and Dearness Relief for pensioners has been increased by 4%. The <keyword id="663200" type="General" weightage="60" keywordseo="DA-hike" source="Orion">DA hike</keyword> will be implemented from 1, July 2023," he said. The decision will benefit 48.67 lakh Central Government Employees and 67.95 lakh pensioners. The minister said the decision has come in the festival season and will benefit both the central government employees and pensioners. Generous bonus for railway employees The Cabinet has also granted approval for a Productivity Linked Bonus (PLB) that amounts to 78 days wages for eligible non-gazetted Railway employees. This bonus is for the financial year 2022-23 and will benefit a wide array of railway staff, including Track maintainers, Loco Pilots, Train Managers (Guards), Station Masters, Supervisors, Technicians, Technician Helpers, Points man, Ministerial Staff, and other Group 'C' staff, excluding Railway Protection Force (RPF)/ Railway Protection Special Force (RPSF) personnel, read the press release issued by Cabinet. This move comes in recognition of the outstanding performance of the railway employees throughout the financial year 2022-23. The Union Government has sanctioned a PLB totalling Rs 1,968.87 crores, which will be disbursed to approximately 1,107,346 railway employees, read the press release. (This copy will be updated)

Dearness allowance of central government employees hiked by 4%

<ul><li>India’s Union Cabinet has given the nod to set up a <keyword id="8276571" type="UNKNOWN" weightage="20" keywordseo="National-Recruitment-Agency">National Recruitment Agency</keyword> (NRA), which will spearhead the initiative to set up a <keyword id="1121108" type="PERSON" weightage="20" keywordseo="common-eligibility-test">Common Eligibility Test</keyword> (<keyword id="55410" type="ORGANIZATION" weightage="20" keywordseo="CET">CET</keyword>) that will cover all <keyword id="839945" type="PERSON" weightage="20" keywordseo="Central-Government-Jobs">central government jobs</keyword> and public sector bank positions.</li><li>A common score will be given to determine a candidate’s eligibility for a particular post.</li><li>Setting up the NRA will cost the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> ₹ 1,517.57 crore but it hopes the new process will save it up to ₹600 crore each year. </li></ul>The Indian government has given the newly formed National Recruitment Agency (NRA) the nod to set up a Common Eligibility Test (CET). Instead of applying to each individual branch of the government or different public sector banks, there will now be one single test to standardise the process. <div type="Article" hostid="261" msid="73889491" title="Government job applicants can save on time and fee with one common entrance test" mstype="2" mssubtype="0"></div> "There are more than 20 recruitment agencies in the Central government. Right now, we are bringing 3 agencies under the National Recruitment Agency and will eventually bring all of them under it," said Department of Personnel and Training (DoPT) Secretary C. Chandramouli. <div type="twitter" handle="PIB_India" handlename="PIB India" image="http://pbs.twimg.com/profile_images/974552536408444928/TVZG_9jP_normal.jpg" favoritecount="96" retweetcount="36" status="#NationalRecruitmentAgency will ensure transparency and ease in recruitment process, both for the candidate and the… https://t.co/nEX1XYBFZg" createdat="1597834402000" id="1296037537790586882"></div> Not only will the CET make the process more convenient for job seekers but it will also help the government cut down on costs and time normally taken to recruit. The central government may also share the CET merit list with states for state government jobs on a cost-sharing basis. The NRA will be a society registered under the Societies Registration Act, 1860 and government will be doling out ₹1,517.57 crore to set it up. However, it estimates that it will be able to save around ₹600 crore per annum under the new system — breaking even in around three years. How will CET work? The CET serves as an entrance exam. It’s a first level test to shortlist candidates for a particular post. The scores of the test will remain valid for three years and can be used to apply for jobs across the government spectrum. Each person will have two additional chances to improve their scores, and only the best of all scores will be taken into final consideration. "There are 1.25 lakh vacancies every year in Group B and C for Railways, banks and SSC for which 2.5 crore to 3 crore people apply," said Chandramouli. What will CET achieve? According to the Indian government, the CET is aimed at solving problems for the candidates. From the varying schedules of different exams to their different application processes, the CET will simplify the entire ecosystem. By bringing all the exams under one umbrella, It will also address the infrastructure shortage that creates scope for malpractice, said Chandramouli. One exam will also mean just a one-time payment of exams fees instead of shelling out separate payments. Chandramouli pointed out that the CET will also enable job opportunities to reach rural areas for those candidates for whom travelling to testing centres, located mostly in urban centres, may not be possible or affordable. To remain accessible, the CET will also be available in multiple languages. For institutions, CET will standardise the process that could solve for the delay that occurs from time to time in the finalisation of results. The government asserts that the central test will shorten the overall cycle time of recruitment from the current 12 to 18 months. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/elon-musks-spacex-catches-falcon-9s-rocket-head-for-the-third-time-in-a-row-with-a-giant-net-out-in-the-middle-of-the-atlantic-ocean/articleshow/77631212.cms">Elon Musk’s SpaceX catches Falcon 9’s rocket head for the third time in a row — with a giant net out in the middle of the Atlantic ocean</a> <a href="https://www.businessinsider.in/policy/economy/news/difference-between-narendra-modi-make-in-india-and-atma-nirbhar-and-why-the-latter-may-work-better/articleshow/77629449.cms">The difference between Narendra Modi’s ‘Make In India’ and ‘Atma Nirbhar’ programmes⁠— and why the latter may work better</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-reportedly-looking-to-move-more-of-its-smartphone-making-business-to-india/articleshow/77590290.cms">Samsung reportedly looking to move more of its smartphone making business to India</a>

Cabinet approves creation of ‘National Recruitment Agency’ — Government and PSU bank job seekers will now have to clear a single central test

<ul><li>Shares of the firm have delivered 625% returns in the last one year on account of a spike in demand for broadband services in homes and at enterprises.</li><li><keyword id="166938" type="General" weightage="20" keywordseo="tejas-networks" source="Orion">Tejas Networks</keyword> designs, develops and sells high-performance networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries.</li><li>The company, waiting for the government's approval for its application for production-linked incentives, has gained over 39% in last one month.</li></ul>With increasing demand for internet services and growing trend in data consumption, Tejas Networks, the optical networking products maker for telecom and internet services providers, has given multifold returns to investors in the last one year. In the last one year, due to pandemic and remote working scenarios across the world, investors spotted an opportunity in this space, which is why shares of the Bengaluru-based broadband service provider jumped 625% in the last one year. The company ⁠— where marquee investor Vijay Kedia has 1.18% stake ⁠— waiting for the government's approval for its application for production-linked incentives has gained over 15% in just the last five days. <div type="image" title="tejas" height="900" width="1200" msid="86751640" hostid="261"></div> Tejas Networks designs, develops and sells high-performance networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. As of January 2021, there were 4.66 billion active internet users worldwide which is 59.5% of the global population, according to <a href="https://www.statista.com/statistics/617136/digital-population-worldwide/">Statista</a>. This shows the vast opportunities in the internet services for such players. Also, Tejas supplies products to the Government of India's BharatNet project to provide broadband internet to all of India's gram panchayats and has helped connect 40,000 villages so far. 5G rollout awards strong orders to Tejas Networks The government’s plan to roll out 5G in the country brought visibility to the company’s services as Tata Sons approached stake in the company this year. In July, Tata Sons subsidiary Panatone Finvest said it will buy 69% stake in the company through an investment of ₹1,884 crore. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> The company will utilise the capital infusion by Tata Sons to invest in research and development, sales and marketing, people, infrastructure and to enhance its manufacturing and operational capabilities to cater to this large market opportunity, and for other general corporate purposes. Tejas Networks sees a very large opportunity in the telecom sector both in India and global markets with the new cycle of investments in 5G and fiber-based broadband rollouts. Moreover, telecom operator Bharti Airtel has selected the telecom equipment maker to expand its optical network capacity in key metropolitan markets.Bharti Airtel has been expanding its network capacity as part of its 5G readiness while catering to increasing data consumption by consumers. Analysts expect strong future growth for the company because of a good order book and continuing demand for broadband services. “Strong order book of ₹6.79 billion provides revenue visibility for calendar year 2022,” said a report by Axis Capital. “Q4 (Jan-Mar 2021) revenue was a positive surprise as it picked up better than expectations. Revenue may remain lumpy in the initial quarter of FY22 due to COVID impact and muted government business. However, we expect it to pick up during the year, as international business gains momentum post COVID. Company also stands to benefit from demand from home and office broadband, metro capacity expansion, network modernization and critical infrastructure,” added the report. Approval in <keyword id="53367" type="General" weightage="20" keywordseo="pli" source="Orion">PLI</keyword> scheme to add wings to the company While, the government is trying to promote local manufacturing of telecom gear through the production-linked incentive (PLI) scheme, companies like Tejas Networks, Sterlite Technologies etc., stand to be beneficiaries. <a href="https://www.livemint.com/companies/news/tata-takes-tejas-stake-for-telecom-gear-foray-11627584389079.html">Reportedly</a>, curbs on Chinese vendors such as Huawei in India and many developed countries, including the US, UK and the European Union, over security concerns, have opened the door wider for firms such as Tejas to win business for cost-efficient equipment and software solutions. Tejas has applied for a PLI application under the telecom equipment category, the company mentioned in its latest investor call. The government has so far approved a ₹12,195-crore PLI scheme for telecom gear manufacturing in India. The PLI scheme for telecom gear will cover manufacturing of equipment such as core transmission products, 4G, 5G radio access network and other wireless gear. Under the PLI scheme for telecom equipment, the government will give 4-6 per cent incentive to eligible companies on incremental sales of manufactured goods for five years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amcs-ceo-says-mutual-fund-industry-to-see-many-mergers-in-next-couple-of-years/articleshow/86606968.cms">Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-hdfc-amc-future-group-and-other-top-stocks-to-watch-out-for-on-september-29/slidelist/86600892.cms">IndiGo, SpiceJet, HDFC AMC, Future Group and other top stocks to watch out for on September 29</a>

This telecom equipment maker is up six fold in one year while waiting for production linked incentives

The <keyword id="6355512" type="COMPANY" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> on Wednesday approved a proposal to impose President's <keyword id="23207" type="PERSON" weightage="20" keywordseo="rule">Rule</keyword> in <keyword id="6354306" type="LOCATION" weightage="20" keywordseo="Puducherry">Puducherry</keyword>, days after a Congress-led government in the union territory lost power during a vote of confidence. Announcing the Cabinet decision, Union Minister <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> told reporters that the decision was taken as no party claimed to form a government in Puducherry following the resignation of the chief minister there. Subsequently, the Lieutenant General had recommended President's Rule in Puducherry and the Union Cabinet has approved the same, the minister said. After the President's assent, the assembly will get resolved, Javadekar said, while adding that further necessary steps for administrative work in Puducherry would be taken soon. He also noted that the model code of conduct was expected to come into effect soon after the Election Commission announces the dates for elections there, along with four states. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/dassault-aviation-has-an-india-it-services-unit-offering-defence-msmes-a-digital-trial-room-where-they-can-test-their-products-to-bag-more-contracts/articleshow/81183313.cms">INTERVIEW: Dassault Aviation has an India IT services unit offering defence MSMEs a digital ‘trial room’ where they can test their products to bag more contracts</a> <a href="https://www.businessinsider.in/india/news/these-indian-states-now-require-you-to-carry-a-covid-19-negative-test-report-for-entry-after-rising-coronavirus-cases/slidelist/81185478.cms">These Indian states now require you to carry a COVID-19 negative test report for entry</a> <a href="https://www.businessinsider.in/stock-market/news/vested-finance-ceo-shares-his-guide-to-us-stock-investing-for-indians/articleshow/81185944.cms">Vested Finance CEO shares his guide to US stock investing for Indians</a> <a href="https://www.businessinsider.in/careers/news/global-consulting-firm-zs-says-it-plans-to-hire-3000-employees-in-india-this-year/articleshow/81188160.cms">Global consulting firm ZS says it plans to hire 3000 employees in India this year</a>

Union Cabinet approves President's Rule in Puducherry

The <keyword id="6355512" type="General" weightage="20" keywordseo="Union-Cabinet" source="Orion">Union Cabinet</keyword> on Wednesday approved the much-anticipated <keyword id="8870884" type="General" weightage="20" keywordseo="production-linked-incentive" source="Orion">production linked incentive</keyword> (PLI) scheme for the textiles sector. Under the scheme incentives worth ₹10,683 crore will be provided over five years. According to the government, the move will especially positively impact states like Gujarat, <keyword id="6357713" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="Orion">Uttar Pradesh</keyword>, <keyword id="13126" type="General" weightage="20" keywordseo="Maharashtra" source="Orion">Maharashtra</keyword>, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, Odisha among others. The government expects investments of more than ₹19,000 crore into the sector during the five-year period. It is also expected to bring about additional production turnover of over ₹3 lakh crore during the period and create employment opportunities of over 7.5 lakh people directly and several lakhs more for supporting activities, as per the government. The government will give higher priority for investment in the aspirational districts and tier-3 cities. Industry participants have lauded the decision of the government. Apparel Export Promotion Council (AEPC) Chairman A. Sakthivel said that it will be a game changer for the Indian textile industry and will transform India's growth story. Sakthivel said that the scheme will result in fresh investment of gigantic proportions, expand manufacturing capacities and enhance exports multifold. "It will make India a key player in the global textile value chain with focus on high value MMF products. Besides, it will promote industrial development in backward regions of the country," he added. The focus of the <keyword id="8941225" type="General" weightage="20" keywordseo="PLI-SCHEME" source="Orion">PLI scheme</keyword> would be for the development of man-made fibre and technical fibre segments that are in high demand in advanced economies where India already has a big presence with its technical products. Commerce and Industry Minister Piyush Goyal said that fabric and garments made from these fibres would be a focus of the scheme so that world class facilities are built in the country. He also said that the government was also working on free trade agreements (FTAs) with advanced economies such as the UK, the US, EU that will help the country both ways to get requisition imports as well boost exports. FTA would also help the textile sector, the minister said, in getting a level playing field that faced unequal duties in some of these markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-stocks-fall-amid-reports-that-government-hasnt-discussed-proposal-for-a-telecom-relief-package/articleshow/86033281.cms">Vodafone Idea falls amid reports that government hasn’t discussed proposal for a telecom relief package</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-naukri-parent-info-edges-stock-went-up-23-in-the-last-one-month/articleshow/86032576.cms">Here is how Naukri parent Info Edge’s stock went up 23% in the last one month</a>

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