Moneycontrol Be a Pro
Get App
Last Updated : Oct 23, 2019 07:03 PM IST | Source:

Cabinet briefing key takeaways: MTNL to be merged with BSNL, opens fuel retailing biz to non-oil cos

The Cabinet met earlier on October 23 and approved a slew of measures. Here are the key takeaways

The. Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, met earlier on October 23 and approved a slew of measures. Here are the key takeaways:

Fuel retail
- Approved revision in fuel retail policy
- Opened up fuel retailing business to non-oil companies
- Proposed minimum net worth of Rs 250 crore to obtain authorisation for operating a fuel retail outlet
- Rs 3 crore to be submitted as bank guarantee to meet five percent remote area outlet norm. However, fuel retailers must achieve five percent target for remote area retail outlet within two years

- Upfront Rs 2 crore payment to be sought from retailer not willing to enter remote area

MTNL-BSNL revival
- MTNL, BSNL are neither being closed nor divested, says Telecom Minister Ravi Shankar Prasad
- MTNL to be merged with BSNL for revival of the state-owned telecom firms, he said.
- To offer Rs 15,000 crore in sovereign bonds, Rs 38,000 crore in assets monetisation and VRS schemes to employees to revive ailing PSUs

- Pending this, MTNL will act as a subsidiary of BSNL

Mininium support prices
- Raised minimum support price of wheat and other rabi crops. MSP is the rate at which the government buys grains from farmers
- MSP for wheat raised by Rs 85 to Rs 1,925 a quintal
- Pulses by up to Rs 325 per quintal
- Barley MSP has been increased by Rs 85 to Rs 1,525 per quintal
- To encourage cultivation of pulses, the support price of masoor has been increased by Rs 325 to Rs 4,800 per quintal
- The MSP for gram has been hiked by Rs 255 to Rs 4,875 per quintal
- Among oilseeds, rapeseed/mustard MSP has been increased by Rs 225 to Rs 4,425 per quintal

- MSP for safflower has been hiked by Rs 270 to Rs 5,215 per quintal

Poll sops for Delhi
- Cleared proposal to give ownership rights to people living in unauthorised colonies in Delhi
- Move will benefit 40 lakh people

- Centre to bring bill in Parliament winter session for ownership rights to residents of unauthorised colonies in Delhi, says Union Housing and Urban Affairs Minister Hardeep Singh Puri

To catch up on all the action from the Cabinet briefing, click here



Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Oct 23, 2019 04:37 pm
Follow us on
Available On