The signing of India-Brazil investment treaty is expected to help project India as a preferred Foreign Direct Investment (FDI) destination to all Brazilian investors according to an official statement.
Prime Minister Narendra Modi led Union Cabinet met today and made a number of crucial decisions over some vital areas in the economy. Among these was the transfer of land assets of sick public sector firm Hindustan Vegetable Oils Corporation (HVOC) to the Ministry of Housing and Urban Affairs for proper utilisation. Here are the other decisions that the Cabinet took today:
1. Cabinet okays transfer of HVOC’s land assets: HVOC land assets are located in seven cities and would be used for public purposes and transfer of these properties would facilitate early winding up of HVOC. Centre had earlier said it may to utilise the surplus land with PSUs for development of affordable homes. An official statement read: “In lieu of the transfer of the land assets of HVOC, complete liabilities of HVOC towards loans taken from the government including interest would be written off. The land located in seven cities are lying unutilized for many years. The transfer of the properties to MoHUA would enable use of the land for public purpose. This will facilitate early winding up of HVOC, which is a sick PSU under liquidation”.
2. Cabinet nod for pact between India, Italy in farm sector: signing of a memorandum of understanding (MoU) between India and Italy was cleared for cooperation in the field of agriculture as well as phytosanitary issues. This will replace the January 2008 agreement which expires next year.
3. Bill related to NCBC cleared for reintroduction in LS: Official amendments for reintroduction of a bill to grant constitutional status to the National Commission for Backward Classes in the Lok Sabha in the forthcoming winter session was cleared. If cleared by Parliament, NCBC will have full powers to safeguard the rights and interests of OBCs.
The government had introduced the bill to grant constitutional status to the NCBC — on par with the National Commissions for Scheduled Castes and Scheduled Tribes – in the last Parliament session and was in response to a long felt demand from all categories of OBCs.
4. Signing of India-Brazil investment treaty cleared: Treaty is expected to help project India as a preferred Foreign Direct Investment (FDI) destination to all Brazilian investors according to an official statement. This investment cooperation and facilitation treaty between India and Brazil will result in increase of investment flows between the two countries and provide facilitation to Brazilian investors in India and vice versa.