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PM Narendra Modi led Cabinet clears 6 proposals: From FIPB to Noida Metro Rail, here’s all you need to know

The cabinet approved the abolition of the 25-year-old Foreign Investment Promotion Board (FIPB). (PTI)

Finance Minister Arun Jaitley on Wednesday addressed a press conference and informed the media that the PM Narendra Modi-led Union Cabinet had approved a number of proposals, including the policy to give preference to Make in India in public procurement. Amongst the other proposals to get cleared were FIPB, defence manufacturing, Noida-Greater Noida Metro Rail, AIIMS and more. Here are the top proposals cleared today.

FIPB abolished

The cabinet approved the abolition of the 25-year-old Foreign Investment Promotion Board (FIPB). The FIPB vets Foreign Direct Investment (FIPB) proposals that require government approval. Earlier this year, during his budget speech on February 1, Jaitley had announced the likely abolition of the body which came under the Finance Ministry’s Department of Economic Affairs.

Make in India:

In order to give preference to goods manufactured domestically, in an attempt to promote the Make in India initiative, the union cabinet approved a public procurement policy. According to PTI, this move will facilitate manufacturing goods locally and help in boosting the demand for such goods. In a series of tweets, the commerce ministry said, “Preference in public procurement on the basis of minimum local content. Only local suppliers eligible in procurement of Rs 50 lakh or less, if sufficient local capacity and competition ensured”

Strategic Defence Partnership:

The union cabinet also cleared the policy in order to boost local defence manufacturing by singling out the best in the industry to tie up with foreign companies and produce high-tech defence equipment, FM Arun Jaitley told reporters. Under this strategic partnership, the government aims to shortlist Indian champions that could team up with foreign players to provide fighter jets, helicopters and submarines among other supplies, PTI reported. Jaitley said, “For each platform, one private sector strategic partner will be chosen.

Noida-Greater Noida Metro Rail:

The 29.707 km long Noida-Greater Noida Metro Rail project has also been approved by the cabinet.This project will have a total completion budget cost of Rs 5,503 crore, ANI reported quoting the Finance Minister.

National Waterways:

The central government on Wednesday approved the proposal for the allocation of 2.5% of the Central Road Fund for the National Waterways. This would be resulting in about Rs 2000 crore proceeds per year, PTI reported. An official source told PTI that the cabinet had accorded the approval to a proposal that had been jointly submitted by the Shipping Ministry and the Ministry of transport and highways to amend the Central Road Fund Act, 2000. This would be done to allocate 2.5% of the CRF proceeds for the maintenance of the national Waterways.

New AIIMS in Assam

It was also reported that the union cabinet had approved the setting up of an AIIMS ((All India Institute of Medical Sciences – it is a premier public medical college) in Assam’s Kamrup.