The Gist of Press Information Bureau (PIB): October 2016

The Gist of Press Information Bureau: October 2016

• National Mineral Exploration Policy (Free Available)
• Interest Subvention Scheme for farmers for the year 2016-17 (Free Available)
• Jawaharlal Nehru Port-First Port in Country to Implement Logistics Data Tagging (Only For The Subscribed Members)
• India-first nation to be formally acknowledged to be yaws-free (Only For The Subscribed Members)
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National Mineral Exploration Policy

The MMDR Amendment Act, 2015 has brought in transparency in allocation of mineral concessions in terms of Prospecting License and Mining Lease. The present regime of grant of mineral concessions provides for Non Exclusive Reconnaissance Permit (NERP) which does not allow seamless transitions to prospecting and mining licences.

On account of this, the private sectors do not seem to be enthused to take up high risk of exploration. Keeping this in view, National Mineral Exploration Policy (NMEP) prescribes for incentivising the participation of private companies in exploration. Under NMEP, private agencies would be engaged to carry out exploration with the right to a certain share in the revenue (by way of royalty/premium to be accruing to the state government) from the successful bidder of mineral block after e-auction, which will be discovered by that private explorer. The revenue sharing could be either in the form of a lump sum or an annuity, to be paid throughout the period of mining lease, with transferable rights.

Government will also work out normative cost of exploration works for different kinds of minerals so that the exploration agencies could be compensated, in case they could not discover any mineable reserves in their respective areas. This will be an added incentive for exploration agencies to mitigate their risk of exploration.

Interest Subvention Scheme for farmers for the year 2016-17

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Interest Subvention Scheme for farmers for the year 2016-17. The Government has earmarked a sum of Rs. 18,276 Crore for this purpose. This will help farmers getting short term crop loan payable within one year up to Rs. 3 lakhs at only 4% per annum.

The salient features of the scheme are as follows:

a) The Central Government will provide interest subvention of 5 per cent per annum to all farmers for short term crop loan upto one year for loan upto Rs. 3 lakhs borrowed by them during the year 2016-17. Farmers will thus have to effectively pay only 4% as interest. In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of 2% as against 5% available above.
b) The Central Government will give approximately Rs 18,276 crores as interest subvention for 2016-17.
c) In order to give relief to small and marginal farmers who would have to borrow at 9% for the post harvest storage of their produce, the Central Government has approved an interest subvention of 2% i.e an effective interest rate of 7% for loans upto 6 months.
d) To provide relief to the farmers affected by Natural Calamities, the interest subvention of 2% will be provided to Banks for the first year on the restructured amount.
e) In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of 2% as against 5% available above.

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