Aviation emission cap 'unjust', India to play no part

UN’s Global Market Based Mechanism for Civil Aviation by 2020

NEW DELHI: India has offered an alternative sectoral target system for reducing aviation emissions and has refused to accept the proposed cap under UN’s Global Market Based Mechanism for Civil Aviation by 2020.

The proposal however has been supported by other BRIC nations, said Union Minister for Human Resources Prakash Javadekar after the Cabinet meeting on Wednesday.

“There is an attempt to bring a cap on emissions in civil aviation (sector) by 2020. That is the proposal and we said that for the developing world, the proposal is unfair... When it (economy) is growing, you cannot cap our emissions from aviation... A cap by 2020 will be injustice,” he said.

GMBM, mooted by UN body International Civil Aviation Organisation (ICAO), seeks to reduce carbon emission in the aviation sector.

Disinvestments

In other decisions, the Cabinet made two decisions in divesting equity in public sector enterprises, approving “in-principle” the strategic disinvestment of Allahabad-based Bharat Pumps and Compressors Limited. A Rs 111.59 crore Non-Plan loan to the company has been sanctioned to provide relief to retired employees, for payment of their Gratuity and PF and the outstanding dues of the CISF.

Cabinet also approved a Rs 4,777.05 crore package for the closure of state-run Hindustan Cables Ltd. This amount will be used for paying wages, voluntary retirement schemes and converting government loans into equity. Employees of the firm will be offered a VRS/VSS package at notional 2007 pay scales.

A cash infusion of Rs 1,309.90 crore and non-cash infusion of Rs 3,467.15 crore has been approved. The non-cash portion will be used for conversion into equity of the centre’s outstanding loans (including interest) as on September 30, 2016.

There has been no production activity in the company since January 2003. Employees of the company are on 1997 pay scales.  HCL, established in 1952, had four manufacturing units at Rupnarainpur and Narendrapur (West Bengal), Hyderabad (Telangana) and Naini (UP).

GST IT platform ‘Saksham’

The Cabinet Committee on Economic Affairs (CCEA), approved Project Saksham, an IT project for the New Indirect Tax Network (Systems Integration) of Central Board of Excise and Customs, for a cost of Rs 2,256 crore. The project will help integrate CBEC’s systems with the GST network before the rollout in April next year.

Varisht Bima Yojna

The Cabinet also gave an ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) launched in 2003 and Varistha Pension Bima Yojana (VPBY) launched in 2014. Both the schemes are closed for future subscriptions. However, policies sold during the currency of the policies are being serviced as per the commitment of a guaranteed 9 per cent return assured by the Government. Expenditure incurred on subsidy amount released to LIC during the period of 2003-04 to 2014-15 for VPBY, 2003 and approval to incur expenditure on VPBY, 2003 and 2014 from the financial year 2015-16 onwards have also been given the nod by the cabinet.