Jayant Sinha Emphasises the Need for Innovative Product Development

Jayant Sinha, Minister of State for Finance Emphasises the Need for Innovative Product Development in an Ever Expanding Capital Market;

Urges The Central Government Ministries to Maximise the Number of Members in NPS; more than 80 Lakh Subscribers Under NPS with Total Asset Under Management (AUM) of more than Rs.76,000 crores

Shri Jayant Sinha, Minister of State for Finance emphasised the need for innovative product development in an ever expanding capital market. He stressed the aspect of empowerment and not empty entitlements as the core philosophy of the present Government. While commending Pension Fund Regulatory Development Authority (PFRDA) for putting-up a highly efficient technology platform under the NPS architecture, Shri Sinha urged the Central Government Ministries to maximise the number of members in NPS. Currently, NPS has more than 80 Lakh subscribers with total Asset Under Management (AUM) of more than Rs.76,000 crores. Shri Sinha stressed that the Government would strive to provide all possible enablers. Minister of State for Finance Shri Sinha was delivering the inaugural address at a Conference organised here today by the Pension Fund Regulatory and Development Authority (PFRDA) for the Central Government Ministries to discuss on the important role of the Financial Advisors & Chief Controller of Accounts (FAs/CCAs) of the Central Government Ministries in the implementation and monitoring of the National Pension System (NPS). He said that the workers in the unorganised sector through Swavalamban would be supported through the social security net. He added that NPS would effectively address the pension issues of approximately 10-12 million young work force being added on an annual basis. Addressing the issue of future course of action, Shri Sinha urged PFRDA to provide enabling framework for more products and wider coverage of the population with pension products. Further the Regulator may consider alternative investment funds like Venture Capital funds and Growth Capital Funds which are important to encourage entrepreneurship in our country, the Minister added.

The Conference was attended by Shri Ratan P Watal, Secretary, Department of Expenditure, Shri Hemant Contractor, Chairman, PFRDA, Shri R V Verma, Whole Time Member (WTM- Finance), PFRDA and Dr. B S Bhandari, WTM (Economics), PFRDA.

Eaerlier speaking on the occasion, Chairman PFRDA, Shri Hemant Contractor, commended the substantial improvement in performance of Central Government Ministries under NPS. He stated that the attractive market based returns have added to the stakeholder confidence. He raised two pertinent issues for the participating members which impact the final pension receivable by a Government subscriber which include efficiency in handling of subscriber contribution & its timely deployment for investment, and ensuring full coverage of all government subscribers including autonomous bodies.

Shri Ratan P Watal, Secretary, Department of Expenditure, Ministry of Finance emphasised on the dual responsibility of PFRDA as a regulator and developer of the pension industry. Shri Watal stressed the process orientation of NPS and emphasised the important role of FAs/CCAs in terms of early enrolment and timely contribution, upload and redressal of subscribers’ grievances. He further advised the FAs/CCAs to carry-out periodic reviews on the implementation of NPS and performance of the scheme under the above parameters specifically.

Shri R V Verma, Whole Time Member (WTM- Finance), while summing- up emphasised the need for discipline of remitting of the subscriber contribution especially in view of the enhanced role of the Government nodal officers as envisaged in the regulations and the provisions of the Act . He sought the cooperation of Government to suggest the way forward for providing individual choices of pension funds and investment pattern for Government Subscribers. He stressed on the need for enhancing capacity building of the nodal officers so that they could in turn enable the financial literacy and awareness of the subscribers.


Shri Justice Narayanan Nadar Paul Vasanthakumar Appointed Chief Justice of the Jammu and Kashmir High Court

President has appointed Shri Justice Narayanan Nadar Paul Vasanthakumar, Judge of the Madras High Court as the Chief Justice of the Jammu and Kashmir High Court. The appointment is in exercise of powers conferred by section 95 of the Constitution of Jammu and Kashmir & will be effective from the date he assumes charge of his office.


Union Minister of MSME visits NSIC Incubation Centre Guwahati

Release of publication - “Success Story” at NSIC Incubation Centre, Guwahati.

Inaugurates International Guwahati Trade Fair (IGTF-2015) of NSIC

The Union Minister of Micro Small and Medium Enterprises Shri Kalraj Mishra on a visit to North East states today inaugurated the International Guwahati Trade Fair and also visited NSIC Technical Incubation Centre, at Bamunimaidam, Guwahati and released the “Success Story”-Vol. II, comprising of more than hundred success stories of successful entrepreneurs who had passed out from the Incubation Centre.

The Minister also inaugurated a basic training course - “Beautician” with an intake capacity of 15 trainees per batch at the NSIC Incubation Centre and lauded NSIC for its pivotal role towards entrepreneurship building and growth of Micro & Small Industries in North East Region and across India.

Shri Mishra said that by setting up a Technical Incubation Centre at Guwahati, NSIC has done a very good job and is providing trainings to the educated unemployed youths of the States of North East Region and helping the unemployed youths to set-up their own enterprises, using low cost machinery and giving opportunity for jobs in the enterprises. He also expressed satisfaction on the success rate of the passed out trainees and asked NSIC to train more and more unemployed youths of this region.

The Minister encouraged NSIC to keep up their activities for building up entrepreneurship and advised setting up more such Technical Incubation Centers at different places in the States of North East to create avenues for solving the unemployment problem.

Speaking on the occasion of the inauguration of the International Guwahati Trade Fair (IGTF) Shri Mishra praised the National Small Industries Corporation Ltd (NSIC) and Industries and Trade Fair Association of Assam (ITFAA) for providing an opportunity to the MSMEs from the North East Region to participate in the Mega Fair and added that IGTF is regarded as one of the biggest Fair here.

Participants from Thailand, Bangladesh, Pakistan, Egypt, Turkey, Kenya, Nepal, Sri Lanka, Singapore etc. are at the fair. NSIC has a separate pavilion exclusively for Indian MSMEs, where more than hundred enterprises from Rajasthan, West Bengal, Karnataka, Andhra Pradesh, Tamil Nadu and States from North Eastern Region are participating.

For the first time, a Food Festival is being held at this Fair where International chefs will dish out delicacies from the countries like Germany, Thailand, Mexico, Africa, Brazil, New Zealand, Malaysia etc.

A separate pavilion on Rajasthan showcases rich products and food items from the State.

A special Automobile Sector at the Fair hosts automobile giants like-Audi, Honda, Maruti, Mahindra and many others for the car and two wheeler lovers. Low cost machinery is also on display which will be a great help for the upcoming and new generation entrepreneurs.

Present on the occasion were Shri S. Muazzem Ali, Bangladesh High Commissioner to India, Shri Ravindra Nath, CMD, NSIC Ltd., Shri P. Udaykumar, Director (Plg. & Mkt.), NSIC Ltd., Shri J.K. Mahanta, Chief General Manager, NSIC (E&NE) and Shri J. Hazarika, President, ITFAA.

This year also, the 22nd IGTF has been organized at Maniram Dewan Trade Centre, near Balaji Temple, Betkuchi, Guwahati from 29th January, 2015 to 15th February, 2015.


Mines Ministry holds one-day Workshop in Odisha with State Governments and other stakeholders to explain the provisions of MMDR Ordinance

The Mines and Minerals (Development and Regulation) Amendment Ordinance, 2015 has been promulgated on 12.1.2015. A meeting was taken by Shri Narendra Singh Tomar, Union Minister of Mines and Steel with State Mining Ministers on 19.1.2015 in New Delhi to discuss the roadmap for implementation of provisions of the Ordinance. It was decided in the meeting to hold a one-day Workshop in States with officials of State Governments and other stakeholders to explain the provisions of the Ordinance and obtain feedback.

Shri Naresh Kumar, Joint Secretary, Ministry of Mines, Government of India visited Odisha on 28.1.2015. Two separate sessions were held with State Government officials and other stakeholders. The first session was held with senior officers / officials of State’s Department of Steel and Mines, Directorate of Mines and Odisha Mining Corporation which was also attended by Shri R. K. Sharma, Principal Secretary, Department of Steel and Mines. This session primarily focused on the provisions of the Ordinance, the process for its implementation by the State Government at all levels, and clarification on any issues connected therewith. The senior, middle and junior level officers actively participated during the discussions. The second session was attended by the representatives of the mining and mineral sector of the State of Odisha, State / Central Public Sector Units, private companies and officials of Directorate of Mines and Geology, Odisha. Issues raised by the stakeholders during the discussions were clarified by Shri Naresh Kumar. Stakeholders were also requested to give specific suggestions which will be considered while framing of rules and regulations for implementing the provisions of the Ordinance.

It was emphasized that allocation of mineral resources through the auction process will ensure greater transparency and give impetus to the mining sector. The provisions of the Ordinance will simplify the process of grant of mineral concessions and their easy transferability, which will attract private investment. It was stressed upon the representatives of the State Government to expedite the identification of mineral blocks to make them available for auction. Concerns were raised by the State Government on the provision of deemed extension for a period of fifteen years for captive users and five years for merchant miners. It was stated that such a provision has been kept in the Ordinance to ensure that supply of raw material to the manufacturing sector is not adversely affected during the transition period.

Shri Naresh Kumar met Shri G.C. Pati, Chief Secretary, State of Odisha and Shri Aditya Prasad Padhi, Additional Chief Secretary to the Chief Minister of Odisha and sought their valuable suggestions which will be considered while framing the rules and regulations to implement the provisions of the Ordinance. A need to immediately put in place a mechanism to expedite identification of mineral blocks for auction was also discussed. The State Government was assured that Geological Survey of India and Mineral Exploration Corporation Limited will extend full cooperation and assistance in identification of minerals blocks.

The Workshop, interactions and discussions were held in a very cordial environment where all the participants freely expressed their views. The State Government and all other stakeholders participants were assured that their valuable suggestions will be considered while framing of rules and regulations for implementation of the provisions of the Ordinance.
Jayant Sinha Emphasises the Need for Innovative Product Development Jayant Sinha  Emphasises the Need for Innovative Product Development Reviewed by Ajit Kumar on 10:41 AM Rating: 5

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