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Union Cabinet to continue Interest Subvention of 3 Percent on Crop Loans to Farmers

Aug 2, 2013 19:15 IST

The Union Cabinet of India on 2 August 2013 decided to continue the interest subvention of three per cent on crop loans to farmers. The scheme will be available on crop loans taken from scheduled commercial banks and also those in the private sector. The estimated budgetary implication of the scheme for current financial year is 15 thousand 385 crore rupees.

The other major decisions taken by the cabinet are as following:-
• The Cabinet also approved a Centrally-sponsored scheme for marketing of non-nationalized, non-monopolized minor forest produce fixing Minimum Support Price for marketing of 12 minor forest products.
• The Cabinet also decided in the meeting to designate vigilance officers posted in different ministries and departments to receive complaints from whistleblowers on allegations of corruption or misuse of office. An amendment to the relevant resolution of Public Interest Disclosure and Protection of Informers law was approved by the Cabinet on 1 August 2013.
• The decision was taken to reduce the workload on the Central Vigilance Commission. The proposed amendment will enable speedy disposal of the complaints and make the public servants more responsible and accountable in combating and eradicating corruption.
• In a related move, the Cabinet Committee on Economic Affairs approved setting up of Special National Investment Fund (SNIF), to help six sick Public Sector Undertakings, PSUs. They include Hindustan Machine Tools, Indian Telephone Industries and Scooters India Limited.  This will enable the PSUs to become compliant with the 10 per cent minimum public holding norm of market regulator, SEBI.
• The CCEA also approved the proposal for continuing Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) in the 12th plan to cover the remaining unelectrified villages and habitations with a population of 100 people and provide free electricity connection to BPL households. The total capital subsidy requirement for the scheme would be 35 thousand 447 crore rupees.
• In yet another decision, the Cabinet Committee on Economic Affairs gave its nod to a proposal for infrastructure development at various establishments in the Border Security Force. This is estimated to cost 3664 crore rupees to the Government.

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Read more Current Affairs on: Union cabinet of India , loans to farmers , interest subvention

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