In a slew of decisions on Tuesday, the Cabinet sought to provide a boost to captive coal production in the wake of rising demand for the fuel that threatens to pressure the country’s current account, approved a system for hydrocarbon exploration awards that gives higher weight to work programmes rather than revenue sharing and gave its go-ahead for a policy to more than quadruple the domestic electronics production to $400 billion by 2025.
The Cabinet also increased the dearness allowance by 3% to 12%, effective from January 1, 2019.
This move will benefit 1.1 crore central government employees and pensioners and cost the Centre some Rs 9,168 crore annually.
On the change in auction terms for oil and gas blocks, finance minister Arun Jaitley said, “The first category to be auctioned is blocks that are already explored fields. During the bid evaluation, the weight criteria for bidding under this category was 50:50 between minimum work proposed (thereby higher production) and revenue shared with the government. This has now been revised to 70:30 with higher weight for minimum work programme.” Read more
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