Skip to main content

Cabinet nod for new Ports Bill

By
The Cabinet on Wednesday has approved the proposal of Ministry of Shipping to replace the Major Port Trusts Act, 1963 by the Major Port Authorities Bill, 2016.
This will help major ports to perform with greater efficiency as they will get full autonomy in decision making.
“With a view to promote the expansion of port infrastructure and facilitate trade and commerce, the proposed Bill aims at decentralising decision making and to infuse professionalism in governance of ports,” a government statement said.
The new Major Ports Authority Bill, 2016 would help in faster and transparent decision making benefiting the stakeholders and better project execution capability, it said.
The Bill is aimed at reorienting the governance model in central ports to landlord port model in line with the successful global practice. This will also help in bringing transparency in operations of Major Ports.
The new Bill is compact in comparison with the Major Port Trusts Act, 1963 as the number of sections has been reduced to 65 from 134.
The new Bill has proposed a simplified composition of the Board of Port Authority which will comprise 11 members from the present 17-19 members.
In other decisions, the Cabinet apprised of the Memorandum of Understanding signed between Indian Space Research Organisation (ISRO) and United States Geological Survey (USGS) for cooperation in the exchange and use of US Land Remote Sensing Satellite Data. The MoU was signed on July 9, in Bengaluru.
The Cabinet also approved the protocol amending the agreement between India and Tajikistan for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
It has also approved proposal of the Ministry of Agriculture and Farmers Welfare for Signing of an Agreement between India and Kyrgyzstan on cooperation in the field of agriculture and food related industry.
The Cabinet chaired by Prime Minister Narendra Modi has also given its ex-post facto approval to India’s approach to Climate Change Negotiations at the Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCC), held in Marrakesh, Morocco during November 7-18.
Business Standard New Delhi,15th December 2016

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more