The Union Cabinet approved a new framework for dealing non-performing assets (NPAs) in the banking system, details will be announced after President Pranab Mukherjee gives his assent to an ordinance to amend the Banking Regulation Act to resolve the Non Performing Assets crisis.
The set of measures includes the promulgation of an Ordinance to amend the Banking Regulation Act to give more powers to Reserve Bank of India and its committees to act on behalf of banks while deciding on NPAs.
The Cabinet also gave its nod to the National Steel Policy- 2017 which targets to achieve 300 Million Tonnes of steel making capacity by 2030 with an additional investment of ten lakh crore rupees.
The new steel policy seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry. It is aimed at increasing consumption of steel in major segments like infrastructure, automobiles and housing. It is also intended to create self sufficiency in steel production by providing policy support and guidance to private manufactures, MSME and steel producers.
The Cabinet also approved policy for providing preference to domestically manufactured iron and steel products on Government procurement. The policy seeks to accomplish the Prime Minister’s vision of ‘Make in India’ with objective of nation building and encourage domestic manufacturing. It will be applicable on all government tenders where price bid is yet to be opened.