Union Cabinet approved many bills, fellowships, MOUs. Union Cabinet chaired by PM Narendra Modi. CABINET Committee on Economic Affairs discuss about matters and gave green signal.
‘Prime Minister’s Research Fellows
Implementation of ‘Prime Minister’s Research Fellows (PMRF)’ scheme at a total cost of Rs 1650 crore for a period of seven years beginning 2018-19.
The scheme has been announced in the Budget Speech 2018-19.Under this scheme, the best students who have completed or are in the final year of B Tech or Integrated M Tech or MSc in Science and Technology streams from IISc/IITs/NITs/IISERs/IIITs will be offered direct admission in PhD programme in the IITs/IISc.
Such students, who fulfill the eligibility criteria, and shortlisted through a selection process, as laid down in the PMRF guidelines, will be offered a fellowship of Rs 70,000 per month for the first two years, Rs 75,000 per month for the 3rd year, and Rs 80,000 per month in the 4th and 5th years.
MoU between India & Tunisia for youth matters
Memorandum of Understanding (MoU) signed between India and Tunisia to promote cooperation in the field of youth matters.
The MoU, which will remain valid for five years, was signed on October 30, in New Delhi.
Its objective is to create international perspective among the Indian youth; promote exchange of ideas, values and culture, and to involve them in promoting peace and understanding, an official statement said.
The areas of cooperation under the MoU will include organisation of youth exchange programmes, exchange of invitations to international conferences and seminars, exchange of printed materials, films, experiences, research and other information, participation in youth camps, youth festivals and other cooperative youth events, study visits and small workshops and seminars on youth-related issues, among others.
Amendment to MSME Development Act, 2006
Union Cabinet approved change in the basis of classifying Micro, Small and Medium enterprises from ‘investment in plant & machinery/equipment’ to ‘annual turnover’.
This will encourage ease of doing business, make the norms of classification growth oriented and align them to the new tax regime revolving around GST (Goods & Services Tax).
Section 7 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 will accordingly be amended to define units producing goods and rendering services in terms of annual turnover as a micro enterprise will be defined as a unit where the annual turnover does not exceed Rs five crore; a small enterprise will be defined as a unit where the annual turnover is more than Rs five crore but does not exceed Rs 75 crore and a medium enterprise will be defined as a unit where the annual turnover is more than Rs 75 crore but does not exceed Rs 250 crore.
Additionally, the Central Government may, by notification, vary turnover limits, which shall not exceed thrice the limits specified in Section 7 of the MSMED Act.
Cabinet approves Insolvency& Bankruptcy Code (Amendment) Bill, 2017
Union Cabinet gave ex-post facto approval to the modifications carried out in the replacement Bill.
This will replace the Insolvency and Bankruptcy Code (Amendment) Bill 2017 and which have been passed by the Parliament as the Insolvency and Bankruptcy Code (Amendment) Act, 2018.
MoC b/w India & US on Law enforcement training
Union Cabinet approved the signing of a Memorandum of Cooperation (MoC) between Federal Law Enforcement Training Centers (FLETC),US and Bureau of Police Research & Development (BPR&D), India on Law Enforcement Training.
This has paved the way for enhanced cooperation between the two countries in security related matters under the aegis of the India-US Homeland Security Dialogue.
MoU with UK & Ireland on skill development
Union Cabinet approved the signing of Memorandum of Understanding (MoU) with United Kingdom of Great Britain and Northern Ireland on Cooperation in the Field of Skill Development, Vocational Education and Training.
The MoU would pave the way for closer bilateral cooperation between the two countries in the field of vocational education and training and skill development.
The collaboration with foreign countries would help to strengthen the India skill eco-system thereby skilling youth for better employment prospects.
The MoU will create the framework for innovative partnership between India and the United Kingdom Industry and training institutes, and will help to scale up skill training efforts in India and enhance their quality.
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