External Commercial Borrowings (ECB) November 2018:
The Reserve Bank, in consultation with the Government of India, decided to reduce the mandatory hedge coverage from 100 percent to 70 percent for ECB raised under Track I of the ECB framework by eligible borrowers for a maturity period between 3 and 5 years.
January 2019: In order to rationalise the extant framework for ECB and Rupee Denominated Bonds (RDBs), the Reserve Bank, in consultation with the Government of India, decided to merge Tracks I and II as “Foreign currency denominated ECB” and Track III and RDBs framework as “Rupee Denominated ECB”. It was decided to include all entities eligible to receive FDI as eligible borrowers. Additionally, Port Trusts, Units in special economic zone (SEZ), Small Industries Development Bank of India (SIDBI), EXIM Bank, registered entities engaged in micro-finance activities, viz., registered not for-profit companies, registered societies/trusts/cooperatives and non-government organisations were also allowed to borrow under this framework.
Launch of PM KISAN scheme; 8.12 crore beneficiaries registered till date Launch of farmers’ pension scheme PM Kisan Maan Dhan Yojana; Over 19 lakh beneficiaries registered till date Government constitutes a High Powered Committee of Chief Ministers for ‘Transformation of Indian Agriculture’
The major highlights of the Department of Agriculture, Cooperation and Farmers Welfare during the year 2019 are as follows:
Launch of Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY)
PM-KMY inaugurated by the Prime Minister Shri Narendra Modi on 12th September, 2019 provides for payment of minimum pension of Rs.3000/- per month to the eligible small and marginal farmers on attaining the age of 60 years. It is voluntary and contributory pension scheme, with an entry age of 18 to 40 years. The monthly contribution by farmer ranges between Rs.55 to 200. Central Government will contribute an equal amount in the pension scheme. Till now 19, 19, 802 beneficiaries have been registered.
Year-End Review: Ministry of Development of North Eastern Region (DoNER)
Dated On: 30 DEC 2019
Major Achievements of the Ministry of Development of North Eastern Region (DoNER) during the calendar year 2019 are as follows:
- NLCPR/NESIDS/Special Packages/SIDF/HADP
- In December 2017, Government of India approved North East Special Infrastructure Development Scheme (NESIDS) to meet the gaps in social & physical infrastructure in NER.
- Total 211 projects costing Rs. 3124.72 crore have been implemented under the scheme of NESIDS/NLCPR/Special packages/SIDF/HADP by the Ministry in North Eastern Region.
- In-principle approval has been accorded for First Bamboo Industrial park to be set up in North East Region. It will be established at Manderdisa in Dima Hasao District of Assam in an area of 75 hectares at a cost of Rs 50 crore. This project is targeted to be completed by March 2021.
- Nine (09) meetings of IMC/NESIDS Committee held during the current calendar year for consideration of projects proposals received from NE States under NLCPR/NESIDS/Special Packages/SIDF.
Department of Space
Date: 30 DEC 2019
Following are the initiatives of the Department of Space during the year 2019:
Missions and Project Related Activities
- ISRO has successfully accomplished 13missionsincluding06 launch vehicle missions and07 satellite missions during the year 2019.
- 50 foreign satellites from 07countries were launched on a commercial basis during this period.
- PSLV-C44 successfully launched Microsat-R and Kalamsat-V2 on January 24, 2019 from Sriharikota.
Ministry of Defence
2019 was a year full of remarkable events for Ministry of Defence.In a landmark decision with tremendous reform in higher defence management in the country, the Government has approved to create the post of Chief of Defence Staff (CDS) in the rank of a four-star General with salary and perquisites equivalent to a Service Chief. The CDS will also head the Department of Military Affairs (DMA), to be created within the Ministry of Defence and function as its Secretary. This follows the announcement made by the Prime Minister on August 15, 2019, in his address to the nation, inter alia, “India should not have a fragmented approach. Our entire military power will have to work in unison and move forward…All the three (Services) should move simultaneously at the same pace. There should be good coordination and it should be relevant to the hope and aspirations of our people. It should be in line with the changing war and security environment with the world…after formation of this post (CDS), all the three forces will get effective leadership at the top level.”The decision will lead to improved coordination between the Armed Forces and make them more effective. The other major decisions and events related to the Ministry of Defence and the Armed Forces are as follows:
HIGHLIGHTS OF MAJOR DECISIONS/INITIATIVES OF MHA (Separate Press Releases issued on each topic listed below)
Important Bills Passed by Parliament
- Jammu and Kashmir – Abrogation of Article 370 and 35A ; The Jammu and Kashmir (Reorganisation) Act, 2019; The Jammu and Kashmir Reservation (Amendment) Act, 2019
National Investigation Agency(Amendment) Act, 2019
- Unlawful Activities (Prevention) Amendment Act, 2019
- Special Protection Group (Amendment) Bill, 2019– aims to increase operational efficiency of SPG in ensuring the security of the Prime Minister of India.