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Morning News Digest, 18 August 2017

Procedure and mechanism for Strategic Disinvestment approved

  • The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of Department of Investment and public Asset Management (DIPAM) to set up an Alternative Mechanism for accelerating strategic disinvestments.
  • The Mechanism will be headed by Union Finance Minister Arun Jaitley, Union Transport Minister Nitin Gadkari and Minister of Administrative Departments.
  • The Mechanism will decide on the matters relating to terms and conditions of the sale from the stage of inviting of Express of Interests (Eols) till inviting of financial bid.
  • It will also empower the Core Group of Secretaries (CGD) to take policy decisions with regard to procedural issues and to consider deviations as necessary for effective implementation of CCEA’s decisions.

Disinvestment Target for 2017-18

The Centre has set an ambitious target of raising Rs 72500 crore from disinvestment in 2017-18. Out of total, Rs 46500 crore will be realized through Minority stake sale, Rs 15000 crore through Strategic Sale and Rs 11000 crore through listing of 5 public insurance companies. So far, the government has raised Rs 10000 crore through stake sales.

                                                                                                                                Source: PIB

India signs GEF Grant Agreement for “Ecosystems Service Improvement Project”

  • India signed a Grant Agreement from the Global Environment Facility (GEF) of the World Bank of US $24.64 million for “Ecosystem Service Improvement Project”. The duration of the Project is 5 years.
  • The Project will be implemented by Ministry of Environment & Forest in the states of Chhattisgarh and Madhya Pradesh through Indian Council of Forestry Research & Education under the National Mission for Green India.
  • The objective of the Project is to strengthen the institutional capacity of the Departments of Forestry and Community Organisations to enhance forest ecosystem services and improve the livelihoods of forest dependent communities in Central Indian Highlands.

                                                                                                                                Source: PIB

Mamta Suri takes charge as Executive Director, Insolvency and Bankruptcy Board

  • Dr. (Ms.) Mamta Suri took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi.
  • Before joining IBBI, Dr. Suri was serving as Chief General Manager, Insurance Regulatory Development Authority of India (IRDAI).

What is IBBI?

Insolvency and Bankruptcy Board of India (IBBI) was set up on October 1, 2016 under the Insolvency and Bankruptcy Code, 2016. It is a unique regulator: regulates a profession as well as transactions.

                                                                                                                                Source: PIB

Dr. I.V. Subba Rao appointed Secretary to Vice President of India

  • Retired IAS officer Dr. I V Subba Rao was appointed Secretary to Vice President M Venkaiah Naidu. His appointment was cleared by the Prime Minister's Office (PMO).
  • Rao, a 1979 batch IAS officer of Andhra Pradesh cadre, retired from service as Special Chief Secretary in 2016. He held several important posts in Andhra Pradesh and later served the UNESCO.
  • Besides, N Yuvaraj, an AP cadre IAS officer of 2006 batch, will be the private secretary to Naidu.

                                                                                                                                Source: PTI

CCEA approves closure of ANIFPDCL in Port Blair

  • The Cabinet Committee on Economic Affairs (CCEA) has approved the closure of Andaman & Nicobar Islands Forest and Plantation Development Corporation Limited (ANIFPDCL), Port Blair, a Central Government Undertaking and discharging the liabilities of all the employees.
  • The closure will help to stop unproductive loans to ANIFPDCL from Government of India and would enable a more productive utilization of assets.

About ANIFPDCL

The ANIFPDCL, a Government of India Public Sector Undertaking was set up in 1977, with the objective of development and managing forestry plantations in the Islands. The ANIFPDCL has been operating three main projects viz., Forestry Project, Red Oil Palm Project (ROP) and Katchal Rubber Project (KRP).

                                                                                                                                Source: PIB

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