The Cabinet today approved the policy for acquisition of raw material assets abroad by Central Public Sector Enterprises (CPSEs).
The main features of the policy are as under:
- The following will be applicable to CPSEs in Agriculture, Mining, Manufacturing and Electricity sectors having a three year record of making net profits.
- Powers delegated to the boards of Maharatna and Navratna proposed will be enhanced and enhanced powers available only for acquisition of raw material assets abroad.
- Coordinating Committee of Secretaries (CCoS) headed by the Cabinet Secretary proposed to be constituted. Proposals (i) where the administrative Ministry/CPSE requests for a coordinated view and (ii) involve Government funds to be put up before the CCoS.
- CCoS will facilitate quick and coordinated decision making, coordinate grant of concessional credit to foreign enterprise/Government, recommend Government funding and decide about the nature of the Government funding on case to case basis. The CCoS to be serviced by the Department of Public Enterprises (DPE).
- CPSE/Ministry will submit proposals to the DPE which will convene a meeting of the CCoS. The CPSE/Ministry to nominate a nodal officer. Recommendations of CCoS will be placed before CCEA by the DPE.
- Existing Empowered Committee of Secretaries (ECS) mechanisms shall continue to function. Ministries presently not having ECS proposed will be authorized to have an appropriate ECS mechanism.
- The Ministry of External Affairs and its Missions abroad will be associated right from the beginning of the process.
- The Government to, in due course, will consider constituting a dedicated, Sovereign Wealth Fund.
source:pib.nic.in category:business
