The Union Cabinet chaired by Prime Minister Narendra Modi met on Wednesday and took several key decisions.
The Union Cabinet chaired by Prime Minister Narendra Modi met on Wednesday and took several key decisions including renewal of the Long Term Agreements for the supply of iron ore to Japan and South Korea. The government also approved the declaration of Scheduled Areas in respect of Rajasthan under Fifth Schedule to the Constitution of India. Besides, the government has also provided the way for the regulation of medical products for human use amongst BRICS nations.
Here are the key decisions taken by the Union Cabinet:
MSP of Raw Jute hiked to Rs 3,700 per quintal-
The Cabinet Committee on Economic Affairs (CCEA) has given its approval to hike the Minimum Support Price (MSP) for Raw Jute for ongoing 2018-19 season. The MSP of Raw Jute was hiked to Rs 3,700 per quintal. The move is likely to provide proper minimum prices to the farmers and will also uplift Jute production in the country.
Restructured National Bamboo Mission approved-
The Cabinet Committee on Economic Affairs (CCEA) also given its approval to the restructured National Bamboo Mission with an outlay of Rs 1,290 crore during the remaining period of Fourteenth Finance Commission (2018-19 and 2019-20). The National Bamboo Mission is a Union government-sponsored scheme under National Mission for Sustainable Agriculture. The move paves the way for the holistic development of the bamboo sector. The CCEA also formed a committee ‘Empowerment of Executive Committee’which will look for the formulation of rules and norms of the mission.
Long-Term Agreements for the supply of iron ore to Japan and South Korea through MMTC Limited-
The government has approved the renewal of Long Term Agreements for the supply of iron ore (lumps and fines) to Japan and South Korea for another five years (i.e. 1.4.2018 up to 31.3.2023) through state-owned trading firm MMTC Limited. The range of quantity of iron ore to be exported under said agreements per annum will be 3.80 million tons (min.) per annum to 5.50 million tons per annum (max.) of both NMDC and non-NMDC origin iron ore. The export is expected to strengthen India’s bilateral ties with both Japan and South Korea. The move will also provide the employment opportunities in the fields of mining, logistics and related sectors.
Declaration of Scheduled Areas in respect of Rajasthan under Fifth Schedule to the Constitution of India-
The Union cabinet has given approval to the declaration of Scheduled Areas in respect of Rajasthan under Fifth Schedule to the Constitution of India. The new order will ensure that the Scheduled Tribes living in Banswara, Dungarpur, Pratapgarh, and partial areas of Udaipur, Rajsamand, Chittorgarh, Pali and Sirohi districts of the state will get benefits of protective measures. This comes after the Rajasthan Government has requested for extension of Scheduled Areas.
MoU on cooperation in the field of regulation of medical products amongst the BRICS countries-
The cabinet has given its approval for signing of the Memorandum of Understanding (MoU) on cooperation in the field of regulation of medicinal products for human use amongst the medicine regulatory agencies of the BRICS (Brazil, Russia, India, China and South Africa) countries. The move will help in raising India’s export of medical products to BRICS nations.
MoU between India and Sao Tome and Principe on cooperation in the field of Medicinal Plants-
The cabinet has also approved the Memorandum of Understanding (MoU) between India and Sao Tome and Principe on cooperation in the field of Medicinal Plants. The MoU was signed last month. Accoprding to reports, about 1,178 species of different medicinal plants are estimated to be in trade. There is a worldwide revival in traditional and alternative health care systems for global herbal trade. The herbal trade now stands at US Dollar 120 billion and is expected to reach US Dollar 7 trillion by 2050.
MoU between India and Sao Tome and Principe for Cooperation in the field of Traditional Systems of Medicine and Homoeopathy-
The cabinet has also given its approval for the Memorandum of Understanding (MoU) between India and Sao Tome and Principe for Cooperation in the field of Traditional Systems of Medicine and Homoeopathy. The move will provide bilateral cooperation between both the nations in the field of Traditional Systems of Medicine. The move will also of much importance to the two nations as both considered it to be its cultural heritage.
Memorandum of Agreement between India and World Health Organisation represented by its Regional Office for South-East Asia acting through its Country Office in India-
The Union cabinet has been apprised of the bilateral Memorandum of Agreement (MoA) between India and World Health Organisation (WHO). The MoU between both the parties were signed on March 13, 2018. The MoU was signed on 13th March 2018 at New Delhi. The bilateral MoA will uplift cooperation between India and WHO. The move will improve the status of public health in India.