Consolidation, mergers and acquisitions of CPSEs to be encouraged, an integrated public sector ‘oil major’ soon

Pradhan Mantri Mudra Yojana budget target doubled to Rs. 2.44 lakh crores

Rs. 10,000 crores earmarked for recapitalisation of Banks, Need based additional allocation assured

While presenting the General Budget 2017-18 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley has said that the shares of Railway Public Sector Enterprises (PSEs) like IRCTC, IRFC and IRCON will be listed in stock exchanges. The Government will encourage strengthening the CPSEs through consolidation, mergers and acquisitions and soon create an integrated public sector ‘oil major’, he added.
Stating that the Pradhan Mantri Mudra Yojana (PMMY) has proved an overwhelming success in extending funds for the deprived sections, Shri Jaitley doubled the budget target under the scheme to Rs. 2.44 lakh crores.
Easing the stressed legacy accounts of banks, Shri Jaitley earmarked Rs. 10,000 crores for recapitalisation of Banks in 2017-18 and assured need based additional allocation.
Stating that the disinvestment policy announced in the last budget will continue, Shri Jaitley further said that the Government will put in place a revised mechanism and procedure to ensure time bound listing of identified CPSEs on stock exchanges. This will foster greater public accountability and unlock the true value of these companies, he added.
Shri Jaitley said the CPSEs will be integrated across the value chain of an industry through consolidation, mergers and acquisitions. By these methods it will give them capacity to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders, he added. Possibilities of such restructuring are visible in the oil and gas sector. The Government proposes to create an integrated public sector ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies.
The Finance Minister said that the Exchange Trade Fund (ETF), comprising shares of ten CPSEs, has received overwhelming response in the recent Further Fund Offering (FFO). The Government will continue to use ETF as a vehicle for further disinvestment of shares. Accordingly, a new ETF with diversified CPSE stocks and other Government holdings will be launched in 2017-18, he added.
Shri Jaitley said that the focus on resolution of stressed legacy accounts of Banks will continue and the legal framework has been strengthened to facilitate resolution, through the enactment of the Insolvency and Bankruptcy Code and the amendments to the SARFAESI and Debt Recovery Tribunal Acts. In line with the ‘Indradhanush’ roadmap, an amount of Rs. 10,000 crore is provided for recapitalisation of Banks in 2017-18 and additional allocation will be provided, as may be required, he added.
Shri Jaitley said that the Pradhan Mantri Mudra Yojana has contributed significantly to funding the unfunded and the underfunded. He further said that the last year target of Rs.1.22 lakh crores was exceeded and for 2017-18, he proposes to double the lending target of 2015-16 and set it at Rs. 2.44 lakh crores. Priority will be given to Dalits, Tribals, Backward Classes, Minorities and Women, he added.
Shri Jaitley said that the Stand Up India scheme was launched by the Government in April 2016 to support Dalit, Tribal and Women entrepreneurs to set up green field enterprises and become job creators. Over 16,000 new enterprises have come up through this scheme in activities, as diverse as food processing, garments, diagnostic centres, etc, he added.

PIB

The post Shares of Railway PSEs – IRCTC, IRFC and IRCON to be listed appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

New Delhi: Government is contemplating to make Aadhaar or Unique Identification (UID) card mandatory to avail rail concession, and an announcement is likely to be made by Finance Minister Arun Jaitley while presenting the first combined General and Railway Budget on February 1.

The move will help the government in better targetting of benefits and check misuse of the facility, sources said.

The Railways provides concession on tickets to more than 50 categories of passengers which include senior citizens, students, research scholars, teacher, doctor, nurse, patients, sports people, unemployed youth, Arjun awardees among others.

At present, Railways is running a pilot project for senior citizens who are entitled for rail concessions.

The concessional tickets cost the Railways about Rs 1,600 crore in 2015-16, with the bulk being accounted for senior citizens.

As per the government data, over 100 crore Aadhaar cards have been issued so for covering bulk of India’s population.

The government has decided to end the 92-year-old practice of presenting a separate Railway budget and merged it with the General Budget.

Jaitley, according to sources, will contribute few pages of his Budget to programmes and schemes related to Indian Railways.

Although there will be a single budget, the Railways will continue to have autonomy as commercial undertaking and the existing financial arrangement will remain.

The Railways is expected to get exemption from payment of dividend to the Union government, a move which will help strengthening its finances.

The organisation will also get budget support to meet part of its capital expenditure and will be allowed to raise extra budgetary resources.

According to sources, Railways would continue to bear the expenditure on social and public service obligations.

It is also expected that Jaitley will present a separate statement of budget estimates and demand for grants for Railways in the General Budget.

There will also be a single Appropriation bill, including the estimates of Railways, to the Parliament.

PTI

The post Government may make Aadhaar must for rail concession in Budget 2017 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

NFIR
National Federation of Indian Railwaymen
3, Chemlmsford Road, New Delhi – 110 055
Affiliated to:
Indian National Trade Union Congress (INTUC)
International Transport Workers’ Federation (ITF)

No.IV/Budget/Part III

23.01.2017

Shri Arun Jaitley,
Hon’ble Minister of Finance,
North Block, New Delhi.

Dear Sir,
Sub: General Budget 2017-18 – NFIR’s proposals for consideration

The National Federation of Indian Railwaymen (NFIR) requests the Hon’ble Finance Minister to consider its proposals listed below for inclusion in the General Budget 2017-18 to be presented in Parliament in February, 2017.

1. The Income Tax exemption limit for Central Government Employees may be raised to atleast Rupees Six Lakhs

2. The Income Tax exemption limit for senior citizens may be raised to Rs.7.5 lakhs and for those Senior Citizens above 75 years age, the exemption be allowed up to Rs.10 lakhs.

3. Transport Allowance presently paid to the Central Government Employees may be exempted from the purview of Income Tax.

4. Fixed Medical Allowance to the retired Central Government Employees may be revised to not less than Rs.2,000/- Per month.

5. Grant House Rent Allowance at the rate of 30%, 20% & 10% of 7th CPC Pay to the Central Government Employees working at Cities/Towns classified as ‘X’ ‘Y’ & ‘Z’ respectively with back date.

6. Contract Labour performing jobs of perennial nature be granted wages at par with the regular employees performing similar jobs.

7. Child Care Leave for women employees be revised upwardly.

8. Pension parity be granted all those pre 1.1.2016 Pensioners of Central Government.

Proposals – Railway Specific

9. Additional funds be allocated for augmenting Railway Training Institutes and Railway Community Halls, Recreation Clubs etc’.

10. More funds may be provided for construction of new quarters in the Railways and for maintenance of Railway colonies.

11. Training Allowance for Trainers in Railways Training Institules may be enhanced to 30% of pay in lieu of the existing 15%.

12. Separate Rest Rooms for Women Railway Employees at different locations be sanctioned to enable them to stay when they visit on railway duties.

13. Additional Road Mobile Medical Vans may be approved for providing medical treatment to the railway employees and their families living at remote places and jungle stations.

sd/-
(Dr. M.Raghavaiah)
General Secretary

Source: NFIR

The post Grant HRA at the Rate of 30%, 20% & 10% of 7th CPC Pay – NFIR appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.