Government announces historic reforms for space, banking and animal husbandry sectors

Government has announced historic reforms for space, banking and animal husbandry sectors in the country. Cabinet meeting held under the chairmanship of Prime Minister Narendra Modi, yesterday, ratified the decision of boosting private sector participation in space sector in the country. Union Atomic Energy and Space Minister, Dr. Jitendra Singh informed that that government will constitute Indian National Space Promotion and Authorization Centre (IN-SPACe) for effective socio-economic usage of space technology.

 

Dr. Singh added that, Public Sector Enterprise, New Space India Limited (NSIL) will endeavour to re-orient space activities from a supply driven model to a demand driven model, thereby ensuring optimum utilization of space assets in the country. 

Briefing media in New Delhi, Union Information and Broadcasting Minister Prakash Javadekar said, Urban Cooperative and Multi State Cooperative banks will be brought under the direct supervision of Reserve Bank of India. The decision, he said, will ensure financial security for over 8 crore 60 lakh account holders in nearly one thousand five hundred forty cooperative banks.

 

The government will bring an ordinance in this matter shortly. Mr. Javadekar said, government has also taken a decision to develop an International Airport in Kushinagar district in Uttar Pradesh. Highlighting the impetus which the decision will provide to International Tourism in the country by connecting the Budhha Circuits, the minister



informed, that it will also help in development of all nearby tourist destinations including Sarnath and Gaya among others.

 

In another landmark decision, which aims to provide employment to nearly 35 lakh youths in the country, government introduced a 15,000 crore rupees Animal Husbandry Infrastructure Development Fund for infrastructure related development in animal husbandry, dairy and livestock related enterprises. Under the scheme, upto 90 per cent of loan for starting such enterprises will be given by banks. Government has also extended an Interest subvention of 3 per cent on all such loans under the scheme.

The Development Fund will incentivise infrastructure investments in dairy, meat processing and animal feed plants. Eligible beneficiaries under the Scheme would be Farmer Producer Organizations (FPOs), MSMEs, Section 8 Companies, Private Companies and individual entrepreneurs. Mr. Javadekar also informed that government has extended a 2 per cent interest waiver to nearly 9 crore 37 lakh Mudra Shishu loan borrowers.

 

In another major announcement, the minister informed that the tenure of OBC Commission, set up to suggest better ways for effective transfer of benefits to the Other Backward Classes in the country, has been extended till 31st January of next year. He also informed that as part of India's Look East Policy, ONGC will invest over 900 crore rupees for research and development of two Gas blocks in Myanmar.