The government on Wednesday allowed the road developers to exit highway projects after two years of their completion ,a move that will unlock investments worth Rs 4,500 crore and provide renewed thrust to the sector.
With the closure of second phase of budget sessions ends on Wednesday (May 13, 2015) comes to culmination with the four major proposals. The Parliament ended the session by passing 24 bills.
"There is no setback. The Opposition did not cooperate in the passage of the two bills in the Rajya Sabha, where we do not have a majority," Parliamentary Affairs Minister M. Venkaiah Naidu said.
This has also been a very productive session for the Parliament. PRS Legislative reported that Lok Sabha's productivity during the session was 123% and 102% for the Rajya Sabha.
Even though the government failed to get the Land Acquisition Bill and Goods and Services Tax (GST) Bill passed, the Budget Session has been very productive.
Here are the four key decisions that were taken on the last day of the session itself:
Road developers to exit projects after completion, A new urea policy to perk up investments in the fertiliser sector, Share sales in big PSUs such as NTPC and Indian Oil Corp, and A stringent benami transaction prohibition law to curb black money are the four major proposals
The government on Wednesday allowed the road developers to exit highway projects after two years of their completion ,a move that will unlock investments worth Rs 4,500 crore and provide renewed thrust to the sector.
Simply, Cabinet Committee of Economic welfare(CCEA) has approved a comprehensive policy framework that now permits concessionaires or developers to relieve 100% equity after two years of complete constructions.
Also Read: Here's what the overworked Parliament spent its time doing this Budget Session
The second NOD was formulated in the favour of The new urea policy which aims to increase domestic production by 2 million tonnes and reduce the subsidy bill by over Rs 4,800 crore annually, but the retail prices of commonly used fertilizers will remain aforementioned.
The maximum retail price (MRP) of urea for farmers is same at Rs 268 per bag of 50 kg, excluding local taxes. Farmers would have to pay an additional Rs 14 per bag for neem coated urea.
The third approval was the financial year's big Share sales in PSUs, 10%in Indian Oil Corp and 5% in power producer NTPC.
These could together help raising Rs 14,000 crore, over a third of the Rs 41,000 crore budget for FY16 from asset sales.
The fourth approval of the new Benami Transactions Bill which helps checking the generation of black money in the country to have a strict action against the violators.
"This is one more initiative to fight the menace of black money inside the country," an official statement said.
It exempts only for the property acquired in the name of wives and children, and confestication of the property with a imprisonment upto seven years.
Exemption has been also provided for property bought in the name of siblings, but it should be jointly owned and funded through known sources of income.
(With agencies)
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