The five decisions included India and Tunisia MOU on Justice, India-Bangladesh FoU on hydrocarbon, Allotment of land to KV Sangathan, Indian Institute of Petroleum & Energy at Visakhapatnam, Special Purpose Vehicle.
Prime Minister Narendra Modi-led union cabinet met on Wednesday and gave its nod to several key decisions. The five decisions included India and Tunisia MOU on Justice, India-Bangladesh FoU on hydrocarbon, Allotment of land to KV Sangathan, Indian Institute of Petroleum & Energy at Visakhapatnam, Special Purpose Vehicle. Here are the decisions taken at the meet:
India and Tunisia MOU on Justice
The cabinet on Wednesday approved MoU on cooperation between India and Tunisia in the field of justice. The signing of an agreement on cooperation is expected to enhance good relations between the two countries. It is also aimed to add new dimensions in the field of judicial reforms, said a government release.
The cabinet on Wednesday approved hydrocarbon signing of Framework of Understanding (FoU) between India and Bangladesh on Cooperation in the hydrocarbon sector. The non-binding Framework of Understanding (FoU) will be valid for five years, an official statement said here.
“The objective of the proposed FoU is to establish a cooperative institutional framework mechanism to facilitate and enhance India-Bangladesh bilateral cooperation in the hydrocarbon sector on the basis of equality and mutual benefit,” a release said today.
Allotment of land to KV Sangathan
Cabinet on Wednesday approved transfer on lease of 6.5628 acres of Defence land to KV Sangathan at Air Force Station Kanpur for construction of school.
Indian Institute of Petroleum & Energy at Visakhapatnam
Cabinet on Wednesday approved setting up of Indian Institute of Petroleum & Energy at Visakhapatnam. “The Institute will have the governance structure as well as legal mandate to grant degrees in a manner similar to that enjoyed by IITs,” an official statement said. As per the statement, a separate Act will also impart the required status to the institute to become a ‘Centre of Excellence’ in petroleum and energy studies.
Oil PSUs to give preference to domestic cos in procurement
In a big boost to Prime Minister Narendra Modi’s ‘Make-in-India’, the Union Cabinet today approved a policy to provide purchase preference to domestic manufacturers in procurements done by state-owned oil and gas companies. Under the policy, the targets of Local Content (LC) will be stipulated for certain oil and gas business activities. “The manufacturers/ service providers who meet the local content targets and whose quoted price is within 10 per cent of the lowest valid price bid would be eligible for purchase preference for a stipulated portion of the purchase order on matching such price,” an official statement said here.
with PTI inputs