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India`s cost competitiveness in manufacturing vis-n++-vis Europe may decline 15% by 2023: Study
May 19,2016

Indias cost competitiveness in manufacturing vis-n++-vis Europe may decline from current level of about 44 per cent to 30 per cent by 2023 owing to growing labour costs, according to an ASSOCHAM-Roland Berger joint study.

n++Manufacturing in India is currently 15 per cent cheaper than Europe but the cost difference is reducing due to increasing wages and other costs,n++ noted a study titled Indian Auto Industry: The way ahead, conducted by The Associated Chambers of Commerce and Industry of Industry of India (ASSOCHAM) and Roland Berger Strategy Consultants.

It highlighted that India has a natural cost advantage in engineering works vis-n++-vis Europe, being over 44 per cent currently and by 2023, India is expected to still be 30 per cent cheaper than Europe.

n++There is a need to encourage industry-academia collaborations to understand innovation requirements better, besides funds should be attracted from private sector to support research at academic and research & development (R&D) institutions,n++ recommended the ASSOCHAM-Roland Berger study.

n++Availability of both basic infrastructure facilities and skilled workforce can increase the scope for R&D centers in smaller cities and towns,n++ it added.

Suggesting various policy measures for growth of automobile and manufacturing sector in India, the study has suggested that it is imperative to do away with archaic labour laws thereby addressing the issue of labour reforms.

n++There is a need to change the 1971 Contract Labour Law to limit discrepancy between permanent and temporary labour, set clear guidelines on compensation of contract workers and permit downsizing of contract and permanent labour with proper compensation.n++

The ASSOCHAM-Roland Berger study has also suggested that Government must cut red tape as bureaucratic hurdles and convoluted processes are primary reasons for Indias tough business environment.

There should be clear guidelines and strict enforcement of All India Service (Conduct) Rules, 1968. Besides, the Government should set up consultation mechanisms to provide procedural guidance for entrepreneurs. Documentation requirement must be reduced and transparent procedures should be introduced to foster growth of startups.

There is a need to upgrade basic infrastructure as poor infrastructure and inland logistics services are major impediments for growth.

ASSOCHAM-Roland Berger study has also suggested to deregulate tariffs in major ports to attract private investment, invest in inland ports, expand inland container depots, install roll on-roll off facilities in all major ports, invest in cranes and handling equipment, develop freight corridors and logistics parks.

Considering that Indian market is price sensitive, it has been recommended that tax reduction measures would expand the domestic market potential. n++There is a need to implement goods and services tax (GST) to integrate state economies, eliminate local body taxes and implement the proposed plan to levy pan-India road tax of six per cent or subsume in GST.n++

Highlighting that implementation of National Rural Employment Guarantee Act (NREGA) and wage assurance have created an acute labour shortage and wage hike pressures, the ASSOCHAM-Roland Berger study has said, n++Rather than an employer, the Government should be a facilitator for private sector to absorb the rural workforce and promote skill development in rural areas.n++

As lack of initiatives to address Indias rapid urbanization poses a major threat for inclusive development, the study has further suggested the Government to encourage foreign direct investment (FDI) by providing benefits for special economic zones (SEZs) and providing tax holidays to overseas investors.

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Revision of Scheme of National Welfare Fund of Sportspersons
May 19,2016

The National Welfare Fund for sports persons was set up in March, 1982 with a view to assisting outstanding sportspersons of yesteryears, who had brought glory to the country in sports, now living in indigent circumstances,. The scheme was last reviewed and revised in July 2009.

Scheme of National Welfare Fund of Sportspersons has been reviewed again and has been revised extensively.

Under the revised Scheme, amount of annual income for being eligible for getting financial assistance from the Fund has been raised from the existing Rs. 2 lakh to Rs. 4 lakh.

Scope of the Scheme has also been expanded to include more sportspersons for being considered for financial assistance from the Fund.

Quantum of assistance from the Fund has also been substantially enhanced.

Under the revised scheme, sportspersons and family members of the sportspersons living in indigent circumstances will be eligible for following amounts of financial assistance:

(i) Financial assistance may be granted to an outstanding sportsperson now living in indigent circumstances, subject to a maximum of Rs. 5 lakh.

(ii) Financial assistance subject to a maximum of Rs. 10 lakh may be granted to an outstanding sportsperson for injuries sustained during training for and participation in sports competitions.

(iii) Financial assistance not exceeding Rs. 5.00 lakh may be provided to the families of deceased outstanding sportspersons living in indigent circumstances.

(iv) Financial assistance not exceeding Rs. 10 lakh may be provided for medical treatment of an outstanding sportsperson or of any of his/her family members living in indigent circumstances.

(v) Financial assistance not exceeding Rs. 2 lakh may be provided to coaches and support personnel such as sports doctors, sports psychologists, sports mentors, physiotherapists, masseurs who have been attached with national coaching camps for senior category players and national teams (senior category), and umpires, referees and match officials, who have been associated with recognized national championships (senior category) and international tournaments (senior category) in the sports disciplines included in Olympic Games, Asian Games and Commonwealth Games who are living in indigent circumstances or to family members of such deceased support personnel living in indigent circumstances.

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Mineral Production was 0.1% lower during March 2016 as compared to March 2015
May 19,2016

The index of mineral production of mining and quarrying sector for the month of March (new Series 2004-05=100) 2016 at 148.8, was 0.1% lower as compared to March 2015. The cumulative growth for the period April- March 2015-16 over the corresponding period of previous year stands at (+) 2.2%.

The total value of mineral production (excluding atomic & minor minerals) in the country during March 2016 was Rs. 22341 crore. The contribution of Coal was the highest at Rs. 9976 crore (45%). Next in the order of importance were: Petroleum (crude) Rs. 5565 crore, Iron ore Rs. 2173 crore, Natural gas (utilized) Rs. 2014 crore, Lignite Rs.842 crore and Limestone Rs. 550 crore. These six minerals together contributed about 95% of the total value of mineral production in March 2016.Production level of important minerals in March 2016 were: Coal 694 lakh tonnes, Lignite 57 lakh tonnes, Natural gas (utilized) 2435 million cu. m., Petroleum (crude) 31 lakh tonnes, Bauxite 1952 thousand tonnes, Chromite 427 thousand tonnes, Copper conc. 13 thousand tonnes, Gold 147 kg., Iron ore 175 lakh tonnes, Lead conc. 28 thousand tonnes, Manganese ore 178 thousand tonnes, Zinc conc. 128 thousand tonnes, Apatite & Phosphorite 65 thousand tonnes, Limestone 282 lakh tonnes, Magnesite 25 thousand tonnes and Diamond 4006 carat. The production of important minerals showing positive growth during March 2016 over March 2015 include Iron ore (40.2%), Magnesite (32.9%), Copper conc. (28.6%), Lead conc. (20.2%), Gold (19.5%), Chromite (13.5%), Bauxite (11.9%), Diamond (11.6%), Limestone (10.1%), and Coal (1.4%). The production of other important minerals showing negative growth are: Apatite & Phosphorite [(-) 80.7%], Zinc conc. [(-) 23.9%], Manganese ore [(-) 18.3%], Natural gas (utilized) [(-) 10.9%], Lignite [(-) 7.6%] and Petroleum (crude) [(-) 5.1%].

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Moodys: Indian auto ABS defaults will remain low, despite high pre-90-day delinquencies
May 19,2016

Moodys Investors Service says that defaults in Indian auto loan asset-backed securities (ABS) transactions will remain low despite the high proportion of loans that are less than 90 days delinquent.

To a large extent these early delinquencies prove temporary and the proportion of loans that are still delinquent after 90 days, and particularly after 180 days, drops away significantly, says Moodys.

The primary reason for the higher level of pre-90-day delinquencies in Indian auto ABS is the types of underlying obligors and vehicles securing auto ABS transactions, says Vincent Tordo, a Moodys Analyst.

In India, auto ABS transactions are typically backed by loans extended to non-prime self-employer borrowers with often variable incomes to finance the purchase of commercial vehicles.

It is common for these obligors to fall behind on repayments for a few months due to their often low income and limited experience in dealing with financial institutions, and does not reflect an inability or unwillingness to make repayments over the longer term -- as reflected by the low rate of longer-standing delinquencies.

Conversely, auto ABS transactions in other Asia Pacific countries are generally backed by loans to prime borrowers with stable incomes to purchase passenger vehicles.

We expect the default rates on loans in Indian auto ABS to remain low, despite the high level of pre-90-day delinquencies, says Tordo.

Moodys assessment is based on the historical performance observed for the loan portfolios of commercial vehicle financiers in India, Indian auto ABS transactions rated by ICRA and the low level of loan defaults so far in Moodys-rated transactions, as well as supportive economic conditions in India.

Moodys further notes that auto loan repayments in India are predominantly done in person, in cash, thereby closely linking the performance of Indian auto ABS transactions to the viability of the originator acting as servicer to collect loan payments.

Consequently, any durable and significant servicing failure would cause disruption to the collection of loan repayments, and therefore affect payments to auto ABS investors.

Moreover, the steep drop off in loan delinquencies in the 90+ bucket reflects a step-up of collection efforts by the services against those obligors.

Given the importance of originators to the performance of Indian auto ABS transactions, the rating of the ABS will generally have some linkage to the credit quality of the originator.

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Moodys: Global growth to remain muted as Chinas slowdown weighs on emerging markets
May 19,2016

Weak growth in emerging markets, driven by low commodity prices and waning export demand, will continue to act as a drag on the global economy this year, says Moodys Investors Service.

Moodys has lowered its 2016 growth forecasts for Argentina, Brazil, Mexico and Turkey, as the effects of the weaker external demand and lower commodity prices have compounded domestic structural and political challenges. We currently forecast G20 emerging markets growth at 4.2% for 2016 compared to 4.4% in 2015. For G20 advanced markets growth is forecast at 1.7% for 2016 compared to 1.9% in 2015.

The global recovery has weakened further and the outlook across countries remains uneven and largely weaker than in the previous two decades, said Elena Duggar, an Associate Managing Director at Moodys. Global trade remains subdued, while spillovers from emerging markets shocks to financial markets globally have increased substantially.

A more pronounced slowdown in Chinas economy than anticipated is currently one of the biggest risks to the global economy. Slower growth in China, the worlds second-biggest economy, could have a significant knock-on effect on global growth by increasing risk aversion, ramping up financial market stress, and souring sentiment.

Chinas economy will slow gradually from 6.9% in 2015 to around 6.3% in 2016, guided by policies intended to bolster growth, according to the report.

The fears of a Chinese hard landing have eased in recent months with data suggesting the economy is stabilizing, said Madhavi Bokil, a Vice President and Senior Analyst at Moodys. However, the governments focus on achieving specific growth targets, could come at a cost to the quality of growth.

Chinas growth continues to be supported by increased borrowing, which ultimately will increase longer-term risks, particularly within the banking system.

In India, growth will pick up slightly, climbing to 7.5% in 2016 and 2017, from 7.3% in 2015. India, as a net importer of commodities, has benefited from falling prices and growth will be driven by rising consumption. However, a sustained improvement in domestic private investment would be required for the growth momentum to be sustained.

Moodys expects that the Federal Reserve will raise its benchmark interest rate at most twice this year. Policy makers will raise rates gradually, giving investors ample forward guidance as they seek to minimize the negative impact that higher borrowing costs will have on growth and the potential disruption they could cause to global capital markets.

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Moodys: Fintech to drive transformation rather than disruption for banks
May 19,2016

While the rise of fintech firms highlights the shift to digital in financial services, banks will retain a place at the center of the industry and continue to work both alongside and in competition with new entrants, said Moodys Investors Service.

Estimates for the number of fintech-related startups range as high as 4,000 companies, globally, with total estimated venture capital investment rising from about $2.4 billion in 2011 to more than $19 billion in 2015. Along with the high growth rate of investment, the sector has shown signs of maturation -- with later stage investments accounting for a rising share of the total and the number of exits via acquisitions and (a still small number of) IPOs also increasing.

In a new report, Moodys said it anticipates an evolutionary path for banks, as the traditional players take advantage of new technologies and approaches to improve the consumer experience in order to maintain competitiveness. While the Millennial cohort -- who are typically more open to, and often expect, technology-enabled services and interfaces -- are behind much of the impetus for fintechs rise, Moodys analysts said it will likely be a few years before this large group predominates in terms of consumption of financial services.

Millennials lag prior generations along a number of indicators important to financial services firms, including lower household formation and home buying rates, higher student loan burdens, lower earnings and higher debt-to-income ratios, said Moodys Senior Vice President Robard Williams. Banks will certainly need to transform to appeal to this generation and counter fintechs rise, but many incumbents have made significant steps towards implementing their own digital strategies and they have some time before the full transformation is complete.

The ratings agency noted that much of the focus of fintechs has been on retail banking services, largely lending and financing along with payments-related products and services. While the new entrants have shown growth in these areas -- in some cases filling space vacated by the banks due to post-crisis regulation -- Moodys said banks have a number of competitive advantages that place them in good stead as the industry evolves including large customer bases, deep client relationships, long lending histories and experience navigating regulatory bodies.

For banks, being traditional players in the space remains a significant competitive advantage, but it also means they have the resources to build internally or acquire to establish a presence on new platforms, said Williams.

Though a major competitive reversal for banks is unlikely, Moodys noted that several forces could shift the scales or accelerate the transformation of the industry including greater movement toward open data, a more defined regulatory stance would crystalize, and perhaps change, the rules of engagement, the introduction of a killer app or the entrance of one or more bigger technology companies into the fintech space.

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250 manual scavengers and their family members empowered for self employment
May 18,2016

Under the ambitious scheme of Ministry of Social Justice and Empowerment for rehabilitation of manual scavengers and their family members, Shri Thaawarchand Gehlot, Union Minister for Social Justice & Empowerment distributed course completion certificates, Driving Licenses and Employment Letters to the 250 successful trainees here today.

Training was given in various trades under self employment scheme for rehabilitation of manual scavengers. Most of the Commercial Motor Driving Trainees have been employed by various online cab services and NGOs. Financial Assistance for purchase of commercial vehicles has also been arranged in collaboration with Delhi SC, ST, OBC, Minorities, Physically Handicapped Finance and Development Corporation (DSFDC).

Shri Gehlot also distributed loan sanction letters to the beneficiaries for E-rickshaw which have been financed through DSFDC. He said that his Ministry has trained 200 women for commercial motor driving skills along with self defense in Delhi alone. This unique initiative will meet the objective of social & economic empowerment of women by creating job/self employment opportunities for them.

The Minister also said that the self defense skills taught to the trainees will not only provide self confidence for the women drivers but also give a sense of security to the women passengers, particularly those who travel in odd hours.

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Gartner Says Worldwide Server Virtualization Market Is Reaching Its Peak
May 18,2016

The worldwide x86 server virtualization market is expected to reach $5.6 billion in 2016, an increase of 5.7 percent from 2015, according to Gartner, Inc. Despite the overall market increase, new software licenses have declined for the first time since this market became mainstream more than a decade ago. Growth is now being driven by maintenance revenue, which indicates a rapidly maturing software market segment.

Michael Warrilow, research director at Gartner, said: The market has matured rapidly over the last few years, with many organizations having server virtualization rates that exceed 75 percent, illustrating the high level of penetration.

The market remains dominated by VMware, however, Microsoft has worked its way in as a mainstream contender for enterprise use. There are also several niche players including Citrix, Oracle and Red Hat, in addition to an explosion of vendors in the domestic China market.

While server virtualization remains the most common infrastructure platform for x86 server OS workloads in on-premises data centers, Gartner analysts believe that the impact of new computing styles and approaches will be increasingly significant for this market. This includes OS container-based virtualization and cloud computing.

The trends are varying by organization size more than ever before. According to Gartner, usage of server virtualization among organizations with larger IT budgets remained stable during 2014 and 2015. It continues to be an important and heavily used technology for these businesses, but this market segment is approaching saturation. In contrast, organizations with smaller IT budgets expect a further decline in usage through to at least 2017. This is causing an overall decline in new spending for on-premises server virtualization.

Gartner believes that organizations are increasing their usage of physicalization, choosing to run servers without virtualization software. More than 20 percent of these organizations expect to have less than one-third of their x86 server OSs virtualized by 2017 n++ twice the amount reported for 2015. However, the underlying rationales remain varied.

The rise of software-defined infrastructure (SDI) and hyperconverged integrated systems (HCIS) are providing new options. It has put pressure on best-of-breed virtualization vendors to add more out-of-the-box functionality and provide a better experience and faster time-to-value.

What was considered as the best approach to greater infrastructure agility only a few years ago, is becoming challenged by an array of newer infrastructure choices, said Mr. Warrilow.

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Gartner Says Profit Opportunities Exist for PC Vendors
May 18,2016

The worldwide PC market registered one of its lowest quarterly growth rates in the first quarter 2016, but Gartner, Inc. said several profit opportunities exist for PC vendors.

PCs are no longer the first or only devices users are choosing for internet access, said Meike Escherich, principal research analyst at Gartner. Over the last five years, global shipments of traditional PCs (desktops and notebooks) have fallen from 343 million units in 2012 to an estimated 232 million units in 2016. In terms of revenue, the global PC market has contracted from $219 million in 2012 to an expected $137 million in 2016.

Many vendors in the mid-tier of the PC ecosystem are struggling. They are severely reducing their regional and country-level presence, or leaving the PC market altogether, said Ms. Escherich. Between them, Acer, Fujitsu, Samsung, Sony and Toshiba have lost 10.5 percent market share since 2011. In the first quarter of 2016, Dell, HP Inc. and Lenovo gained market share but recorded year-over-year declines.

Regional markets are also changing. Low oil prices and political uncertainties are driving economic tightening in Brazil and Russia, changing these countries from drivers of growth to market laggards. In terms of volume, the U.S., China, Germany, the U.K. and Japan remain the top five, but consumers in these markets have also been cutting their number of PCs per household.

Nevertheless, PCs are still able to deliver in areas that smartphones and tablets cannot, with larger screens, ergonomic keyboards, greater storage and more powerful computer processors, said Tracy Tsai, research vice president at Gartner. With an oversaturated market and falling average selling prices (ASPs), PC vendors must focus on optimizing profitability to sustain growth.

Capture Growing Demand for Ultramobile Premium

Despite a declining PC market, the ultramobile premium segment is on pace to achieve revenue growth this year n++ the only segment set to do so. It is estimated to reach $34.5 million, an increase of 16 percent from 2015. In 2019, Gartner forecasts that the ultramobile premium segment will become the largest segment of the PC market in revenue terms, at $57.6 million.

The ultramobile premium market is also more profitable in comparison with the low-end segment, where PCs priced at $500 or less have 5 percent gross margins, said Ms. Tsai. The gross margin can reach up to 25 per cent for high-end ultramobile premium PCs priced at $1,000 or more.

The segment will continue to grow thanks to replacement demand for traditional PCs and the touch experience that the two-in-one market (tablets and hybrids) provides. While the ASP for the ultramobile premium segment is not expected to fall rapidly, it will eventually move toward $600 in constant-currency terms. This situation, together with innovative two-in-one products, will entice users to not only replace their PC, but also look to upgrade to a device with more functionality and flexibility.

PC vendors need to adjust their portfolio of ultramobile premiums in markets such as North America, Western Europe, Greater China, Mature Asia/Pacific and Japan, where the ultramobile premium segment continues to grow.

Capitalize on Long-Term Profitability of Gaming PC Market

While the gaming PC market is a very small market with only a few million units sold a year, the ASP of a gaming PC is significantly higher than that of a nongaming PC. ASPs range from $850 for an entry-level gaming PC notebook to $1,500 for a premium model.

The high-end, purpose-built gaming PC segment (for example, $1,000 or more) is where PC vendors should focus for long-term profitability, despite this segments competitiveness, said Ms. Tsai.

The Internet of Things Is Ripe With Opportunity

PC vendors also need to turn to the Internet of Things (IoT) market and identify which of its areas have most potential for profit. For example, PC vendors can use the IoT to improve customer service and product improvement.

Vendors could detect with sensors if a battery is getting too hot or a hard-disk drive is being overworked, and they could send an alert to customers to get PCs checked before they suddenly go down, said Ms. Tsai. This would save vendors operating costs and also helps users with better service.

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Government approves 03 proposals of FDI amounting to Rs. 60.73 crore approximately
May 18,2016

Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 234th meeting held on 29th April 2016, the Government has approved three FDI proposals involving FDI of Rs. 60.73 crore (which includes post facto amount of Rs. 0.25 crore), and recommended one proposal involving FDI of Rs. 12,973.14 crore for approval of Cabinet Committee on Economic Affairs (CCEA).

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India Will Take 3-5 Years To Develop Software In Local Language- ICT Additional Secretary
May 18,2016

Additional Secretary Department of Telecommunications, Ministry of Communications and IT Mr N Sivasailam on Tuesday indicated that it would take India close to 3 to 5 years to develop software in local languages for mass communication and application, given the size of the country and its intricacies though internet penetration has been growing.

Speaking on the occasion of World Telecommunication Day -ICT Entrepreneurship for Social Impact under aegis of the PHD Chamber of Commerce and Industry, Mr Sivasailam hoped that sufficient and skillful entrepreneurship would emerge in India in due course of time to undertake the job of software development in multiple local languages.

According to him, a lot has happened in the Indias telecom sector in the last couple of years which need to be appreciated widely including availability of the mobile phones at large scale but the internet penetration has yet to happen at intended peace for which efforts are being intensified.

Application of it and telecommunication services in Indias education and health sector also need drastic improvement and with the help of Industry, the government would make it visible and more pronounced, pointed out the additional secretary.

Principal integrated Financial Advisor Ministry of Defence Mr. Savitur Prasad in his remarks felt that India needed work at war footing to give results for Make In India project of the Prime Minister and gradually with a faster pace shed its dependence on equipment imported from various countries.

According to him, Indias manufacturing of most of ICT components and equipment even for Defence Sector is still largerly import driven and if India has to progress at a speed on par with economies of scale, it has to move accordingly.

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Site for construction of National War Memorial and National War Museum
May 18,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the decision taken by the Empowered Apex Steering Committee (EASC) that Princess Park Complex would be the suitable site for construction of the National War Museum.

As regards the National War Memorial the same would be constructed at C Hexagon of India Gate as approved by the Cabinet in its meeting held in October, 2015.

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Joint issue between Department of Posts and United Nations Postal Administration on UN Women HeForShe postage stamp
May 18,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the joint issue of UN Women HeForShe postage stamp. A Memorandum of Understanding (MoU) has been signed between Department of Posts and United Nations Postal Administration (UNPA) in February, 2016 for this purpose.

In this Joint issue, the stamps were printed in the form of sheetlet of 20 se-tenants and Miniature Sheet of two stamps on the occasion of International Womens Day.

UN Women HeForShe campaign is a solidarity movement for gender equality that brings together one half of humanity in support of the other half of humanity for the benefit of all in social terms. This Joint issue is dedicated for the empowerment of women around the world. This would promote great cause of gender equality which the Indian government has been championing in the recent times. Thus, Department of Posts and UNPA have arrived an agreement to celebrate and to commemorate International Womens day on 8th of March, 2016 by releasing a joint stamp.

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Leasing out of AAI land measuring 1500 sqm. To M.P. Warehousing Logistics Corporation for establishing Centre for Perishable Cargo at Indore airport
May 18,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for leasing out of Airports Authority of India (AAI) land measuring 1500 sqm. to M/s. M.P. Warehousing Logistics Corporation (MPWLC) for establishing the Centre for Perishable Cargo (CPC) at Indore airport, Indore as per the resolution made by AAI Board.

This Centre will be a state of art facility exit point for perishables from the State of transit airports. It will provide a world class facility under one roof to cater to all requirements of the traders and maintain the quality of produce. This facility is to be created by MPWLC under PPP mode.

The creation of Centre for Perishable Cargo is expected to cater to the employment needs of the local population and has significant employment potential. A total number of 113 persons will be required to manage the CPC.

Background:

The State Government of Madhya Pradesh has brought out that the CPC is proposed to be set up at Devi Ahilya Bai Airport, Indore. The move comes in the backdrop of huge demand of export of pharmaceuticals, poultry products and horticulture products in Malwa region of Madhya Pradesh.

The leasing out of the land will enable State Government of Madhya Pradesh to promote its agriculture and Horticulture sector by establishment of Centre for Perishable Cargo at Indore airport.

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Improved voluntary retirement scheme package for employees of Hindustan Vegetable Oils Corporation
May 18,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval to the proposal for offering an improved Voluntary Retirement Scheme (VRS) package based on 2007 notional pay scales for the employees of Hindustan Vegetable Oils Corporation (HVOC). The Government assistance will be in the form of non-plan grant of approximately Rs.27.56 crore to the company. HVOC is a Central Public Sector Enterprise (CPSE) under the Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution.

The employees of HVOC have been adversely impacted due to sickness of the company. They are in very old pay scales of 1992. The improved VRS package will give fair amounts of compensation to the employees and help them in their post retirement rehabilitation.

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