Regulations
Cabinet nod for pooling imported, domestic gas prices for urea
The Cabinet Committee on Economic Affairs on Tuesday approved the supply of gas at uniform delivered price through a pooling mechanism for 30 urea manufacturing units in the country.
 
Calling it "a historic moment for farmers", Communications Minister Ravi Shankar Prasad announced the decision which would allow sale of gas at a composite price arrived at by pooling gas from cheaper domestic and more expensive imported sources.
 
"It is expected that the cost of production of urea at pooled price would be less than the price of imported urea, which will encourage the existing urea units to produce beyond their reassessed capacity," a cabinet communique said.
 
Prasad told reporters that this "will reduce import dependence and result in saving of Rs.1550 crore of subsidy".
 
According to the government, the move is expected to help in reviving the Gorakhpur, Barauni and Sindri urea plants.
 
"The need for this intervention arose because, at present, the price of gas supplied to fertilizer units varies from plant to plant depending upon the combination of domestic gas and Regasified Liquefied Natural Gas (RLNG). Hence, there is no uniformity in input price," the cabinet statement added.

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Private sector company's definition changed for funding scheme
The union cabinet on Tuesday aligned the definition of the term "private sector company" to that in the guidelines for the Viability Gap Funding Scheme (VGF Scheme) for PPP projects.
 
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved the change in definition in the guidelines for financial support to infrastructure public private partnerships (PPP) under VGF Scheme.
 
As per the new definition, private sector company is to mean a company which is not a government company.
 
A "government company" is defined under Section 2 (45) of the Companies Act, 2013 as: Any company in which not less than 51 percent of the paid-up share capital is held by the central government, or by any state government or governments, or partly by the central government and partly by one or more state governments, and includes a company which is a subsidiary company of such a government company.
 
Approval has also been given to the finance minister to approve any amendment to the scheme that does not result in any material alteration to it, so as to enable making of quick changes to meet the economic challenges thrown up by the changing economic situation.

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Indian market trends

The Sensex and the Nifty fell 1% each during the fortnight ended 25th March. ML Mega-cap Index and ML Large-cap Index dipped 2% each, while ML Small-cap Index and ML Mid-cap Index declined 6% each.

 

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