The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals &amp; Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings.

The government will offload 49.78 per cent equity shareholding in MMTC, 10.1 per cent in NMDC besides 0.68 per cent in MECON and BHEL each to a strategic buyer after a two-stage auction procedure.

Besides, it will sell 12 per cent stake in Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL) and 20.47 per cent in Odisha Mining Corporation (OMC) in Neelachal Ispat Nigam Limited (NINL).NINL is a joint venture company in which four central public sector enterprises -- MMTC, NMDC, BHEL and MECON -- besides two state PSUs of the Odisha state government -- IPICOL and OMC -- are shareholders.

"The proposed strategic disinvestment of NINL will unlock resources to be used to finance the social sector and developmental programmes of the government benefiting the public," according to an official statement.

"It is also expected that the successful strategic buyer may bring in new management and technology and investment for the growth of company, and may use innovative methods for the development of business operations which may generate more employment opportunities," said the statement further.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals & Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals & Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings. The government will offload 49.78 per cent equity shareholding in MMTC, 10.1 per cent in NMDC besides 0.68 per cent in MECON and BHEL each to a strategic buyer after a two-stage auction procedure. Besides, it will sell 12 per cent stake in Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL) and 20.47 per cent in Odisha Mining Corporation (OMC) in Neelachal Ispat Nigam Limited (NINL).NINL is a joint venture company in which four central public sector enterprises -- MMTC, NMDC, BHEL and MECON -- besides two state PSUs of the Odisha state government -- IPICOL and OMC -- are shareholders. "The proposed strategic disinvestment of NINL will unlock resources to be used to finance the social sector and developmental programmes of the government benefiting the public," according to an official statement. "It is also expected that the successful strategic buyer may bring in new management and technology and investment for the growth of company, and may use innovative methods for the development of business operations which may generate more employment opportunities," said the statement further.

Cabinet approves strategic disinvestment in MMTC, NMDC, BHEL and others

Defence Minister Rajnath Singh, who was added in only two key cabinet committees initially, will now chair the <a href="https://www.wionews.com/india-news/home-minister-amit-shah-emerges-as-clear-no-2-224821">Cabinet Committee on Parliamentary</a> Affairs and be a part of the all-important panel on political affairs, headed by Prime Minister Narendra Modi.

The Cabinet Committee on Political Affairs takes all important political decisions in the ruling dispensation.&nbsp;

Singh was made a member of the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Security (CCS) earlier and he is now a part of six key panels of the government.

Prime Minister Narendra Modi heads various committees except the one on Parliamentary Affairs.&nbsp;

While the Appointments Committee of the Cabinet has only Prime Minister Modi and Shah in it, the Cabinet Committee on Political Affairs (CCPA) has Modi, Shah and Transport Minister Nitin Gadkari, besides Finance Minister Nirmala Sitharaman, Law Minister Ravi Shankar Prasad and Agriculture Minister Narendra Singh Tomar.

The Cabinet Committee on Security (CCS), headed by Modi, has Singh, Shah, External Affairs Minister S Jaishankar and Sitharaman as its members.

The panel looks after issues related to national security and foreign affairs.

Shah will head the Cabinet Committee on Accommodation. Road Transport and Highways Minister Nitin Gadkari, Sitharaman and Goyal are its members.

Minister of State in PMO Jitendra Singh and Housing and Urban Affairs and Civil Aviation Minister Hardeep Puri are special invitees of the&nbsp; 
accommodation committee.

The key Cabinet Committee on Economic Affairs (CCEA) will have Singh, Shah, Gadkari, Chemicals and Fertilisers Minister DV Sadananda Gowda, Sitharaman, Tomar, Prasad and Badal among its members.

The others in the CCEA include Jaishankar, Goyal and Petroleum Minister Dharmendra Pradhan.

The Cabinet Committee on Parliamentary Affairs, which recommends dates for holding parliament sessions, will be headed by Singh and will have Shah, Sitharaman, Paswan, Tomar, Prasad, Social Justice Minister Thawar Chand Gehlot, Environment Minister Prakash Javadekar and Parliamentary Affairs Minister Prahlad Joshi as its members.

Ministers of State for Parliamentary Affairs Arjun Ram Meghwal and V Muraleedharan are special invitees.

Shah was to head the committee according to a government order earlier, which has since been amended.

The cabinet committees are constituted or reconstituted when a new government takes over or the cabinet undergoes a reshuffle.&nbsp;

Defence Minister Rajnath Singh, who was added in only two key cabinet committees initially, will now chair the Cabinet Committee on Parliamentary Affairs and be a part of the all-important panel on political affairs, headed by Prime Minister Narendra Modi.

Defence Minister Rajnath Singh, who was added in only two key cabinet committees initially, will now chair the Cabinet Committee on Parliamentary Affairs and be a part of the all-important panel on political affairs, headed by Prime Minister Narendra Modi. The Cabinet Committee on Political Affairs takes all important political decisions in the ruling dispensation. Singh was made a member of the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Security (CCS) earlier and he is now a part of six key panels of the government. Prime Minister Narendra Modi heads various committees except the one on Parliamentary Affairs. While the Appointments Committee of the Cabinet has only Prime Minister Modi and Shah in it, the Cabinet Committee on Political Affairs (CCPA) has Modi, Shah and Transport Minister Nitin Gadkari, besides Finance Minister Nirmala Sitharaman, Law Minister Ravi Shankar Prasad and Agriculture Minister Narendra Singh Tomar. The Cabinet Committee on Security (CCS), headed by Modi, has Singh, Shah, External Affairs Minister S Jaishankar and Sitharaman as its members. The panel looks after issues related to national security and foreign affairs. Shah will head the Cabinet Committee on Accommodation. Road Transport and Highways Minister Nitin Gadkari, Sitharaman and Goyal are its members. Minister of State in PMO Jitendra Singh and Housing and Urban Affairs and Civil Aviation Minister Hardeep Puri are special invitees of the accommodation committee. The key Cabinet Committee on Economic Affairs (CCEA) will have Singh, Shah, Gadkari, Chemicals and Fertilisers Minister DV Sadananda Gowda, Sitharaman, Tomar, Prasad and Badal among its members. The others in the CCEA include Jaishankar, Goyal and Petroleum Minister Dharmendra Pradhan. The Cabinet Committee on Parliamentary Affairs, which recommends dates for holding parliament sessions, will be headed by Singh and will have Shah, Sitharaman, Paswan, Tomar, Prasad, Social Justice Minister Thawar Chand Gehlot, Environment Minister Prakash Javadekar and Parliamentary Affairs Minister Prahlad Joshi as its members. Ministers of State for Parliamentary Affairs Arjun Ram Meghwal and V Muraleedharan are special invitees. Shah was to head the committee according to a government order earlier, which has since been amended. The cabinet committees are constituted or reconstituted when a new government takes over or the cabinet undergoes a reshuffle.

Initially left out, Rajnath Singh included in all important Cabinet Committees

The Indian government on Wednesday decided to extend the stock limit on sugar traders by another six months, up to October.&nbsp;The Cabinet Committee on Economic Affairs or CCEA approved the proposal as a measure to boost the availability of sugar in the open market and to prevent black-marketeers from cranking up prices by creating a false shortage.&nbsp;

Prime Minister Narendra Modi chaired the cabinet meeting in which the proposal was cleared.&nbsp;

&quot;The Union cabinet has given its approval for extending the validity of the existing Central Order in respect of sugar for a further period of six months from April 29 to October 28, 2017,&quot; an official statement said.&nbsp;

This move will enable state governments to impose stock limits and licensing requirements in respect of sugar if needed, it said.&nbsp;

The government feels that &quot;despite adequate availability of stocks for consumption in the current season, hoarding and consequent profiteering is anticipated due to drop in production over the previous year&quot;.&nbsp;

The sugar price rise appeared to be based more on sentiment than actual shortage, the government said. Fixing a stock limit is essential for regulating sugar supply and control of speculative prices.&nbsp;

Sugar is available for Rs 42-Rs 44 a kg, on an average, in most retail markets in India. However, prices are expected to be under pressure due to domestic fall, given the reported dip in production in top sugarcane growing states like Karnataka and Maharashtra.

According to reports in the Indian media, production is down by a whopping 60 lakh tonne in Karnataka and Maharashtra that are among the top three sugarcane producing states. Sugarcane cultivation is irrigation intensive and is easily hit in the absence of abundant water supply.&nbsp;Both these states have been reeling from drought for the past two years.

The other major sugarcane producer, the north Indian state of Uttar Pradesh, had improved production this year, but the recovery accounts for only 16 lakh tonnes. The Bharatiya Janata Party-led Uttar Pradesh state government is trying to push sugar mill owners to pay the Rs 4,000-crore arrears it owes to farmers in a bid to ease farming distress.

The Indian sugar industry, however, has been allaying fears of a shortage. Indian Sugar Mills Association (ISMA) director general Abinash&nbsp;Varma&nbsp;was quoted in news reports as saying that India will tide over the production gap with a mix of &#39;domestic stocks and imports&#39;. ISMA represents non-cooperative private and public sugar mills in India. India yields an average of 250 lakh tonnes of sugar every year and is its second largest producer in the world after Brazil.

Currently, there is a stock limit of 500 tonnes and turnover limit of 30 days for sugar traders in the country with the exception of the eastern state of West Bengal. The stock limit for traders in West Bengal is 1,000 tonnes.&nbsp;

The country&#39;s sugar output is estimated to fall for the second consecutive year to about 20 million tonnes in 2016-17 season (October-September), much lower than the annual demand of 24-25 metric tonnes.&nbsp;

To boost domestic supply, the government has allowed duty-free import of 5,00,000 tonnes of raw sugar till June.

(WION with agency inputs) 
&nbsp;

Sugar production is down by 60 lakh tonnes due to drought in Karnataka, Maharashtra. Imports, domestic stocks are expected to plug the gap

The Indian government on Wednesday decided to extend the stock limit on sugar traders by another six months, up to October. The Cabinet Committee on Economic Affairs or CCEA approved the proposal as a measure to boost the availability of sugar in the open market and to prevent black-marketeers from cranking up prices by creating a false shortage. Prime Minister Narendra Modi chaired the cabinet meeting in which the proposal was cleared. "The Union cabinet has given its approval for extending the validity of the existing Central Order in respect of sugar for a further period of six months from April 29 to October 28, 2017," an official statement said. This move will enable state governments to impose stock limits and licensing requirements in respect of sugar if needed, it said. The government feels that "despite adequate availability of stocks for consumption in the current season, hoarding and consequent profiteering is anticipated due to drop in production over the previous year". The sugar price rise appeared to be based more on sentiment than actual shortage, the government said. Fixing a stock limit is essential for regulating sugar supply and control of speculative prices. Sugar is available for Rs 42-Rs 44 a kg, on an average, in most retail markets in India. However, prices are expected to be under pressure due to domestic fall, given the reported dip in production in top sugarcane growing states like Karnataka and Maharashtra. According to reports in the Indian media, production is down by a whopping 60 lakh tonne in Karnataka and Maharashtra that are among the top three sugarcane producing states. Sugarcane cultivation is irrigation intensive and is easily hit in the absence of abundant water supply. Both these states have been reeling from drought for the past two years. The other major sugarcane producer, the north Indian state of Uttar Pradesh, had improved production this year, but the recovery accounts for only 16 lakh tonnes. The Bharatiya Janata Party-led Uttar Pradesh state government is trying to push sugar mill owners to pay the Rs 4,000-crore arrears it owes to farmers in a bid to ease farming distress. The Indian sugar industry, however, has been allaying fears of a shortage. Indian Sugar Mills Association (ISMA) director general Abinash Varma was quoted in news reports as saying that India will tide over the production gap with a mix of 'domestic stocks and imports'. ISMA represents non-cooperative private and public sugar mills in India. India yields an average of 250 lakh tonnes of sugar every year and is its second largest producer in the world after Brazil. Currently, there is a stock limit of 500 tonnes and turnover limit of 30 days for sugar traders in the country with the exception of the eastern state of West Bengal. The stock limit for traders in West Bengal is 1,000 tonnes. The country's sugar output is estimated to fall for the second consecutive year to about 20 million tonnes in 2016-17 season (October-September), much lower than the annual demand of 24-25 metric tonnes. To boost domestic supply, the government has allowed duty-free import of 5,00,000 tonnes of raw sugar till June. (WION with agency inputs)

2nd largest sugar producer India imposes stock limit to control price rise, prevent black-marketing