5 union cabinet decisions that might affect the face of the market
National Steel Policy 2017
The government on Wednesday approved the National Steel Policy 2017, with an objective to provide a boost to the steel industry. The policy is aimed to achieve 300 MT of steel capacity by the year 2030.
The Finance Minister reportedly stated that the focus of the policy would be to increase per capita steel consumption to 160 kg by 2030 from existing level of around 60 kg and also to push for promoting domestic steel to anticipate the pace of growth in consumption, mentioned a national news portal.
The Union Cabinet also gave its nod to Scheme for Agro-Marine Processing and Development of Agro-Processing clusters (SAMPADA) worth Rs 6,000 crore. It is launched to supplement agriculture, modernise processing and decrease agri-waste.
The scheme is expected to bring in an investment of Rs 31,400 crore and will benefit 20 lakh farmers, mentioned a national news portal.
Banking Regulation Act
The Cabinet also approved an ordinance to regarding amendment to the Banking Regulation Act targeted at controlling the problem of bad loans of public sector banks.
The government has given its nod for the disinvestment of hotels and properties of the India Tourism Development Corporation Ltd (ITDC). It has decided to lease properties jointly with the concerned states or return the properties to the states after the valuation has been done, mentioned a national news portal.
Vijayawada International Airport
The Union Cabinet on Wednesday approved the development of Vijayawada airport as an International airport with an objective to improve air connectivity. It will reportedly boost international tourism and socio-economic development of the state.