22-Nov-2017: Cabinet approves continuation of the scheme on Indian Institute of Corporate Affairs beyond the 12th Plan Period
The Union Cabinet has given its approval for continuation of the scheme on Indian Institute of Corporate Affairs (IICA) for another three financial years (FYs 2017-18 to 2019-20) and providing Grants-in-aid of Rs.18 crore to the Institute. It will make the Institute self-sustainable by the end of FY 2019-20.
Impact:
- The training programs, research activities and projects conducted by the Institute in partnership with public and private sector in the niche areas of Corporate Governance will enhance the skill sets resulting in increased employability of students as well as professionals.
- The thrust of the Institute is to become a prestigious Institute in the field of Corporate Laws while enhancing its resources and revenues.
- It is envisaged that IICA will be an Institute of National importance thereby becoming an engine of growth leading to increased economic activity.
- The improvement in the professional competence is also expected to help the professionals in tapping employment opportunities in emerging corporate areas including those in overseas.
Background: The National Foundation for Corporate Social Responsibility (NFCSR) at IICA is responsible for Corporate Social Responsibility (CSR) initiatives. The Foundation has been designed around the new provisions of Companies Act, 2013. The NFCSR conducts various activities in partnership with Corporates in the field of CSR, oriented towards social inclusion.
IICA is a think-tank and repository of data and knowledge to support rational decision-making for the policy makers, regulators as well as other stakeholders working in areas related to the corporate sector. It offers services to stakeholders in the field of corporate laws, corporate governance, CSR, accounting standards, investor education, etc. Various activities of IICA also help first-generation entrepreneurs and small business for imparting multi-disciplinary skills as they are unable to afford to employ separate experts in management, law, accountancy, etc.
8-May-2017: Panchayat Pustak Mela
The NBT is set to launch an ambitious scheme called the Panchayat Pustak Mela (Panchayat Book Fair), whose aim would be to organise regular book fairs in rural areas across the country.
National Book Trust (NBT) is an Indian publishing house, founded in 1957 as an autonomous body under the Ministry of Education of the Government of India. NBT now functions under aegis of Ministry of Human Resource Development, Govt. of India.
6-Jan-2017: New Delhi World Book Fair to Celebrate Women Writings & 60 Years of National Book Trust
New Delhi World Book Fair will have ‘Manushi’ as the Theme of this year, which will focus on writings on and by women; and will exhibit the rich tradition of women writings from ancient times till present. New Delhi World Book Fair will be held from 7th to 15th January 2017 at Pragati maidan in New Delhi. The Fair is being organized in collaboration with India Trade Promotion Organisation.
National Book Trust is celebrating 60 years of its foundation and it will showcase its journey in promoting books and reading at a special exhibit ‘This is no looking back!’ The exhibit will display the varied activities that NBT has undertaken in promoting books including book fairs being organized by the Trust across India, participation of NBT in international book fairs, publishing programme among others. New Delhi World Book Fair is a platform for displaying our rich treasure of knowledge through books. India Trade Promotion Organisation has made special efforts to make book fair more visitor friendly.
24-May-2017: Cabinet approves phasing out Foreign Investment Promotion Board
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the phasing out of Foreign Investment Promotion Board (FIPB). The proposal entails abolishing the FIPB and allowing administrative Ministries/Departments to process applications for FDI requiring government approval.
Henceforth, the work relating to processing of applications for FDI and approval of the Government thereon under the extant FDI Policy and FEMA, shall now be handled by the concerned Ministries/Departments in consultation with the Department of Industrial Policy & Promotion(DIPP), Ministry of Commerce, which will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the Government under the extant FDI policy.
In addition, Foreign Investors will find India more attractive destination and this will result in more inflow of FDI. The move will provide ease of doing business and will help in promoting the principle of Maximum Governance and Minimum Government.
The proposal for abolition of FIPB was approved by the Cabinet in its meeting on 24-05-2017. Presently, applications are considered by FIPB in Department of Economic Affairs (DEA), Ministry of Finance comprising of various Secretaries of Government of India for making recommendation on FDI applications. After the Cabinet decision, it would be handled independently by Administrative Ministries as per Sector.
19-Jan-2017: FIPB clears 6 FDI proposals worth Rs 1,187 crore.
Inter-ministerial body FIPB today approved six investment proposals for foreign investments of worth Rs 1,186.5 crore. Recipharm Participation BV of Netherlands brings maximum investment of Rs 950 crore.
India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.
The government has taken a slew of measures in the recent past to boost foreign direct investment into the country.
With growth in FDI in important sectors like services and manufacturing, overall foreign inflows in the country rose by 30 per cent to $21.62 billion during the first half of 2016-17.
During the April-October period of the current fiscal FDI grew by over 27 per cent to $27.82 billion as against $21.87 billion same period a year ago.
FDI in India grew by 29 per cent to $40 billion in 2015-16 as against $30.94 billion in the previous financial year.