New Delhi, May 3 (ANI): The Cabinet Committee on Economic Affairs (CCEA) has given its approval to the Swedish retailer IKEA for Foreign Direct Investment (FDI) in single-brand retail.
The approval will result in FDI inflows amounting to around 10,500 crore rupees in the country. A decision to this effect was taken at the meeting, chaired by Prime Minister Dr. Manmohan Singh here last evening.
It also approved the proposal of the Human Resource Development Ministry for the revision of certain norms and subsuming of other centrally sponsored schemes of secondary education under Rashtriya Madhyamik Shiksha Abhiyan.
This will facilitate the State governments to execute civil works for construction of new schools as well as expanding capacity in existing schools.
The CCEA also approved the removal of the cap on the amount of losses to be reimbursed on procurement of copra in the interest of farmers. This will ensure remunerative prices to growers.
Copra prices are already ruling below Minimum Support Price (MSP) level in some parts of the country, and may fall further unless immediate steps are taken to intervene in the market, to ensure MSP of copra for the farmers according to the policy of the Government.
In view of lower prices of copra, National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) was finding it difficult to restrict losses within 15 percent of the cost of procurement under the Price Support Scheme (PSS) and hence could not undertake procurement of copra.
The CCEA considered the proposal of the Department of Agriculture and Cooperation for full reimbursement of losses to the NAFED on procurement of copra under PSS.
The CCEA also approved the setting up of a Central Public Sector Enterprises Exchange Traded Fund to help in minimizing market disruptions seen in public offerings of listed CPSEs. (ANI)