The Cabinet Committee on Economic Affairs on Wednesday approved the shut down of the sick Bharat Wagon and Engineering Co Ltd, a central public sector enterprise (CPSE) under the ministry of railways. The company was referred to the Board for Industrial and Financial Reconstruction in December, 2000 and was declared sick in 2002. A government release on Wednesday said a one-time grant of Rs 151.18 crore towards severance package and clearing of current liabilities will be provided to the company benefiting 626 employees through the voluntary retirement scheme to be offered at 2007 pay scale. “The implementation will be done as per the timelines prescribed in the guidelines issued by department of public enterprises on time bound closure of sick/loss-making CPSEs,” the statement added. The decision was taken as the financial performance of the company remained poor for at least 10 years during which financial assistance and other support was provided by the railway ministry. Nod to rename food processing scheme The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved renaming the new central food processing scheme SAMPADA as Pradhan Mantri Kisan Sampada Yojana (PMKSY) with an aim to benefit 20 lakh farmers and generate 5.30 lakh jobs by 2020. The objective of the PMKSY is to supplement agriculture by promoting processing and reducing farm wastage. The scheme with an allocation of Rs 6,000 crore is expected to leverage investment of Rs 31,400 crore, an official statement said. In May, the CCEA had approved the central scheme called SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) by clubbing all ongoing schemes related to food processing. The CCEA on Wednesday approved a proposal to rename the scheme SAMPADA as PMKSY for the period 2016-20 coterminous with the 14th Finance Commission cycle, the statement said.