Cabinet Decisions Today: From interest subvention on agriculture loans to ECLGS enhancement, top 4 decisions taken today

Cabinet Decisions Today: Union Cabinet Chaired by Prime Minister Narendra Modi took several important decisions on Wednesday including restoring the Interest Subvention of 1.5 per cent for agriculture loans up to Rs 3 lakh and enhancing the Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 50000, earmarking additional amount for hospitality and allied sectors.

Here are the top decisions taken by the government today:  

1) The Union Cabinet, chaired by Prime Minister Narendra Modi has approved restoration of Interest Subvention on short term agriculture loans to 1.5 per cent for all financial institutions.

Interest Subvention of 1.5 per cent will be provided to lending institutions including Public Sector Banks, Private Sector Bank, Small Finance Banks, Regional Rural Banks, Cooperative Banks and Computerized PACS directly ceded with commercial banks for the financial year 2022-23 to 2024-25 for lending short term agri-loans up to Rs 3 lakh to the farmers.

Also Read: Cabinet approves interest subvention of 1.5% on short term agriculture loan up to Rs 3 lakh for FY23 to FY25

2) Union Cabinet chaired by the Prime Minister Narendra Modi has approved the enhancement in the limit of Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 50,000 crore from Rs. 4.5 lakh cr to Rs 5 lakh cr with the additional amount being earmarked exclusively for enterprises in hospitality and related sectors, a government release said.

The increase has been done on account of the severe disruptions caused by COVID-19 pandemic on hospitality and related enterprises, the release said.

Also Read: Cabinet enhances ECLGS by Rs 50,000 cr; earmarks additional amount for hospitality, related sectors

3) Cabinet approves widening access of the Traditional Knowledge Digital Library (TKDL) database to users, besides patent offices

The Cabinet also approved the ‘Widening access of the Traditional Knowledge Digital Library (TKDL) database to users, besides patent offices”. The opening up of the TKDL database to users is an ambitious and forward-looking action by the Government of India, the government release said. 

TKDL will drive research & development, and innovation based on India’s valued heritage across diverse fields, the release claimed.  The opening up of the TKDL is also envisaged to inculcate thought and knowledge leadership through Bharatiya Gnana Parampara, under the New Education Policy 2020, it further said.

The recent COVID- 19 pandemic has also been witnessing extensive use of Indian traditional medicines whose benefits range from immune-boosting to symptoms-relief to anti-viral activity.  Earlier this year in April, the World Health Organization (WHO) established its first off-shore Global Centre for Traditional Medicines (GCTM) in India.  These demonstrate the continued relevance of traditional knowledge in address the current and emerging needs of the world. 

The TKDL is a prior art database of Indian traditional knowledge established in 2001, jointly by the Council of Scientific and Industrial Research (CSIR) and Department of Indian Systems of Medicine and Homeopathy (ISM&H, now Ministry of AYUSH).  The TKDL currently contains information from existing literature related to ISM such as Ayurveda, Unani, Siddha, Sowa Rigpa and Yoga. 

4) Cabinet approves signing of Contract between India and France to support ITF activities on the Indian Transport Sector

The Union Cabinet was apprised of the signing of Contract between the Organisation for Economic Cooperation and Development, France on behalf of the International Transport Forum and the Technology Information, Forecasting and Assessment Council (TIFAC), India to support the International Transport Forum (ITF) activities on the Indian Transport Sector.

The Contract was signed on 6th July, 2022.

The activities to be carried out under this Contract will lead to:

1) New scientific results

2) New policy insights

3) Capacity building through increase scientific interaction

4) Identification of technology options for decarbonization of transport sector in India.