Finance Minister Arun Jaitley briefed the media on the Union Cabinet meet held on Saturday evening. Here are the highlights:
- Several important items were discussed. First decision today was to deregulate the price of diesel. The price of diesel will be linked to the market henceforth.
- Over the last 5 years, prices have increased, almost 50 paise every month, because there is a reduction in the international crude prices while we are linking it to the market price, the price today would stand reduced.
- In Delhi, we have decided to reduce the prices of diesel by Rs 3.37, effective from midnight.
- We have launched the Jan Dhan Yojana and so far under this, 6 crore, 2 lakh accounts have been opened.
- Cabinet also decided to pre-launch the direct benefit transfer to a more effective manner.
UPA govt had linked it to the ADHAAR platform, there were some legal issues which had prevented the effective implementation of the scheme. - We have decided in addition to the ADHAAR platform, all those who have a bank account will also get their LPG subsidy to their accounts directly.
- We hope by the time the scheme is implemented, a very large number of people we were targeting have a bank account.
- There will be a mission of the direct benefit transfer from November 10, 2014 to January 1, 2015. The quantum of subsidy will be decided by the government.
- Those who are still left outside the scheme (those who do not have a ADHAAR card or a bank account), the old cylinder system would still be available for sometime for them.
- Pricing of the domestically produced gas: If you recollect the original price per unit, was $4.2, the Rangarajan committee had followed a particular criteria and announced a price of $8.4.This implementation was halted by the Election Commission so that the new government can take a decision on this matter. We had appointed a secretary's committee and a detailed report has been submitted.
- They reviewed the entire criteria, they looked at the various hubs which were considered, also looked at the various hubs which have been ignored, they reworked the formula and the cabinet approved the report of the secretary's committee.
- The price now fixed is $5.61 for 1 million BTU (British Thermal Unit), this price will take into consideration the fact that there is a sufficient incentive for drilling and investment.
- On participation of India in the Chahawat port in Iran: Some of our major ports like JNPT will be a part of the joint venture through which this port will be developed. There will be an initial investment also made by us, along with an annual investment made.
- This port is of extreme strategic importance to us, particularly to our transport link to the region.
- The next major decision was to approve the development of the Ahmehdabad metro project phase 1.
- With regard to the allotment of bungalows for memorials, henceforth no bungalow shall be made available for memorials for any purpose.
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