Cabinet gives free hand to oil PSUs for crude buy

To provide a more efficient and flexible policy for crude procurement, the government gave freedom to PSU oil companies to have their own independent crude import policy. The Cabinet meeting chaired by Prime Minister Narendra Modi gave its approval to replace the existing policy by vesting oil PSUs with power to evolve their own policies. This was disclosed by Union Minister Ravishankar Prasad in New Delhi after the Cabinet meeting.

The Cabinet also gave its nod for changes in policy, for liberalisation of administratively allotted spectrum, where market determined prices are not available.  The most recent recommended reserve price will be taken as provisional price where auction determined price is not available. Based on recommendations of Telecom Regulatory Authority of India, a sum of 1300 crore rupees is likely to be accrued by this process.

Project aimed to provide flood forecasts as well as data to help farmers plan their cropping pattern, the government today gave its nod to the multi- purpose National Hydrology Project (NHP) which has an outlay of over Rs 3,679 crore.

Extra info:
Cabinet also more than tripled the funding for exports to Iran to Rs 3,000 crore through the Export Development Fund (EDF) of the Exim Bank to improve bilateral trade and strategic ties.
Minister of Communications and Information Technology – Ravi Shankar Prasad

So lets do:
1. Cabinet allows _____ to have independent crude import policy based on commercial requirements.
2. Who is the Minister of Communications and Information Technology?
3. Expand the EDF and NHP?

Source – The Hindu


Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.


Leave a comment

Your email address will not be published. Required fields are marked *