20-Dec-2017: NITI Aayog plans to set up Methanol Economy Fund.
Niti Aayog is planning to set up a Methanol Economy Fund worth Rs 4,000-5,000 crore to promote production and use of the clean fuel. The government think-tank is aiming at generation of the fuel by converting high ash content coal into methanol and such a plant is expected to be set up by Coal India. Niti Aayog plans to move a Cabinet note soon on the methanol economy and the plans to set up production plants. It expects that two plans can be commissioned in the next 3-4 years.
Methanol is a promising fuel as it is clean, cheaper than fossil fuels and a good substitute for heavy fuels. India imports methanol from Saudi Arabia and Iran at present. Across the world, methanol is emerging as a clean, sustainable transportation fuel of the future. Methanol can be blended with gasoline in low-quantities and used in existing road vehicles, or it can be used in high-proportion blends such as M85-M100 in flex-fuel or dedicated methanol-fueled vehicles. Technology is also being commercialized to use methanol as a diesel substitute.
Methanol can be used as an energy producing fuel, transportation fuel and cooking fuel, cutting down India’s oil import bill by an estimated 20% over the next few years. Unlike CNG, using methanol as a transportation fuel would require minimal alteration in the vehicles.
Methanol is a clean-burning fuel that produces fewer smog-causing emissions — such as sulphur oxides (SOx), nitrogen oxides (NOx) and particulate matter — and can improve air quality and related human health issues. Methanol is most commonly produced on a commercial scale from natural gas. It can also be produced from renewable sources such as biomass and recycled carbon dioxide. As a high-octane vehicle fuel, methanol offers excellent acceleration and power. It also improves vehicle efficiency.
23-Oct-2017: Finance Ministry may fund towards Rashtriya Rail Sanraksha Kosh (RRSK)
With earnings deficit, the Ministry of Railways may find it difficult to contribute its share towards Rashtriya Rail Sanraksha Kosh (RRSK).
Rashtriya Rail Sanraksha Rosh (RRSK) is a dedicated fund for critical safety-related works. In Budget 2017-18, Ministry had announced, setting up a special safety fund with a corpus of more than Rs. 1 lakh crore over a period of five years. Finance Ministry would contribute Rs. 15,000 crore annually towards the fund, the Ministry of Railways would fund the balance Rs. 5,000 crore every year. Finance Ministry advised the Ministry of Railways to prioritise deploying RRSK funds on areas that reduce chances of human error and ensure training of safety staff.
Safety measures taken on Indian Railways is a continuous process which envisage accident prevention and mitigation directed towards continuous reduction in risk level to its customers. This is done by adopting new technologies and bringing improvement in asset reliability to reduce human dependency. For example- Train Protection Warning System (TPWS)/ Train Collision Avoidance System (TCAS) to prevent accident due to over speeding and passing signal at danger etc. RRSK funding is essential for carrying such safety works.
19-Sep-2017: Government has invited young start-ups to avail the benefits of Northeast Venture Fund
In a bid to make Northeast a favourite destination for young Startups, the government has invited young start-ups to avail the benefits of Northeast Venture Fund. With its vast unexplored avenues, those looking for livelihood will soon find a potential enterprise in the Northeast, particularly in fruit, food, handicraft and tourism industry.
In addition to the provisions of tax holiday and exit period available in the Government of India’s “Standup India, Startup India” programme, the Ministry of DoNER has also rolled out “Venture Fund” for anybody who wishes to Startup in the Northeast region, which would provide a huge financial relief particularly to young entrepreneurs.
Northeast Venture Fund is the first dedicated venture capital fund for North-Eastern region and the initiative to set it up began in April this year. It has been set up by North Eastern Development Finance Corporation Ltd (NEDFi), which already has the mandate to encourage entrepreneurship in the region, primarily by offering support to the first-generation entrepreneurs. In addition, the NEDFi also performs the role of hand-holding and capacity building.