There was a cabinet meeting on Wednesday led by Prime Minister Narendra Modi. In this meeting, the Modi government has taken many historical decisions. The cabinet meeting emphasized to accelerate economic development, promote farmers, villages and small businesses. Along with this, the ordinance for major reforms has also been approved in relation to space science and banks.
For reforms in the space sector, the Union Cabinet has taken a major step towards making the nation self-sufficient and technologically advanced. Taking important decisions in the Union Cabinet meeting, it has announced to open India's space sector for private companies. This will encourage private sector participation as well as reforms in this area.
To help in the crisis of the Corona virus, the Modi government has given relief to the holders of "Shishu Mudra loan" of the country. The Union Cabinet approved a 2 per cent interest rebate on this loan. Finance Minister Nirmala Sitharaman announced this as part of the 20 lakh crore relief package. Millions of people will get their benefit in the country. Currently, the interest rate on Shishu loan is 10 to 11 per cent per annum. This will now get a two per cent discount.
A big announcement was made about the banks in the cabinet meeting led by Prime Minister Narendra Modi. An important decision has been taken in the Cabinet meeting regarding the co-operative bank. Under this decision, now all cooperative banks (be it an urban co-operative bank or multi-state co-operative bank) will come under the supervision of the Reserve Bank. At present, there are 1482 urban co-operative banks and 58 multi-state co-operative banks in the country. These will be audited under RBI rules.
If a bank is stuck in financial crisis, RBI will also keep a watch on its board. However, the administrative issues will continue to be looked after by the Registrar of Cooperatives. The government says that after these banks come under the supervision of RBI, more than 8.6 crore depositors will get confidence. It will be assured that their deposits in banks are safe 4.84 lakh crore rupees.
The Union Cabinet has approved the declaration of Uttar Pradesh's Kushinagar Airport as an international airport. Union Minister Prakash Javadekar said that this decision will make it easier for followers of Buddhism living abroad to come to Kushinagar. He said that many followers from countries like Thailand, Japan, Malaysia, Vietnam, and Sri Lanka want to come here. Kushinagar is the Nirvana site of Mahatma Buddha, so it will now be developed as an international airport. After this decision, connectivity for air travellers will improve. Also, there will be more options for competitive cost travel.
At the same time, the Cabinet Committee on Economic Affairs has given its approval for the establishment of Rs 15,000 crore Animal Husbandry Infrastructure Development Fund (AHIDF). Regarding this, PM Modi said that this will boost the income of our hardworking farmers. Also, there will be an incentive for investment and regional infrastructure, especially in dairies.
Many more decisions were also taken in the Union Cabinet meeting led by Prime Minister Narendra Modi. The Union Cabinet has approved the extension of the tenure of the Commission constituted to investigate the issue of sub-classification within the Other Backward Classes and up to six months i.e. 31 January 2021.
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