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Cabinet approves raising foreign investment to 62% in Axis Bank

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Cabinet approves raising foreign investment to 62% in Axis Bank

December 29, 2013

The Cabinet Committee on Economic Affairs (CCEA) has given nod to the proposal of Axis Bank for hiking foreign investment from 49% to 62% entailing an inflow of about Rs 7,250 crore. It will be subject to the aggregate foreign institutional investors holding not exceeding 49% of the paid up equity share capital of the bank.

What would be the effect of the hike in foreign investment in Axis Bank?

As a result of the inflow and increase in stake by foreign investors, the bank will turn into foreign-owned, whereby every future investment in seven subsidiaries will be governed by the FDI (Foreign Direct Investment). According to  the FDI policy, downstream investment by an Indian company, which is not owned and/or controlled by a resident entity/ies into another Indian company would be in accordance or compliance with the relevant sectoral conditions on entry route. The bank’s seven subsidiaries are Axis Capitals, Axis Finance Pvt Ltd, Axis Private Equity ltd, Axis Trustee Services Ltd, Axis Asset Management Company, Axis Mutual Fund Trustee Ltd and Axis UK Ltd.

CCEA nod to continuation of National Scheme for Welfare of Fishermen during 12th Plan

December 29, 2013

The ‘National Scheme for Welfare of Fishermen’  will continue during the 12thPlan Period as the Cabinet Committee on Economic Affairs (CCEA) has approved for the same.

National Scheme for Welfare of Fishermen (NSWF):

  • Devised by: The Department of Animal Husbandry, Dairying and Fisheries, Ministry of Agriculture.

  • Objectives: Provision of basic amenities like drinking water and sanitation in fishing villages, better living standards for fishermen and their families. It also envisages social security for active fishermen and their dependants, and strives to ensure their economic security.
Key benefits to be provided under this scheme in 12th Plan Period:

  • Outlay: Rs 640 crore

  • Construction of additional 4,600 houses per year

  • Coverage of 3.5 lakh fishermen under saving-cum-relief every year

  • Additional coverage of 3 lakh fishermen under group accident insurance

  • Amount of assistance and compensation to fishermen for the cost of construction of a house has been enhanced from Rs 50,000 to Rs 75,000.

  • Cost of the construction of a tubewell has been increased to Rs 40,000 from Rs 30,000 for all states and Union territories, and Rs 45,000 from Rs 35,000 for North Eastern states.

59.4% of Indian rural households have no latrines: NSSO survey

December 29, 2013

As per a survey conducted by the National Sample Survey Office (NSSO), 59.4% of rural Indian households lack latrine facility. The survey throws light on key indicators of living conditions like drinking water, sanitation, hygiene and housing condition in India.

The survey was done from July 2012 to December 2012 by National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MoSPI).
Key finding of the NSSO Survey:
Access to Drinking Water:

  • Around 88.5% rural households and 95.3% urban households improved source of drinking water.

  • Condition in Kerala is poor where 29.5% of rural households have access to safe drinking water whereas in Tamil Nadu it was 94%.

  • Access to safe drinking water in BiharUttar Pradesh and Rajasthanare above national average.

  • In Bihar, 97.6% (rural) and 99.7% (urban) households improved source of drinking water and in Uttar Pradesh with 96.6% and 99.2% of rural and urban households respectively.

  • 85.8% of rural households and 89.6% of urban households had adequate drinking water.

  • In Nagaland only 16% rural households have sufficient drinking water throughout year.
Sanitation & Housing Condition:

  • Around 62.3% of rural household and 16.7% of urban households lacked bathroom facility.

  • 59.4% and 8.8% households in rural India and urban India respectively lacked latrine facilities.

  • Only 31.9% and 63.9% households in rural India and urban India respectively had access to latrine facility for its exclusive use.

  • 38.8% and 89.6% households in rural and urban India respectively were found to have access to improved type of latrine.

  • 80% of rural households and 97.9 percent of urban households had electricity for domestic use.

  • 65.8% of rural households and 93.6% of urban households lived in a house with pucca structure whereas 24.6% of rural households and 5% of urban households lived in a house with semi-pucca structure during 2012.

  • Only 26.3% and 47.1% households in rural India and urban India respectively had good ventilation in their houses.

  • 31.7% and 82.5% of rural and urban household respectively had improved drainage facility in the environment of their dwelling units.

  • Around 32% of rural households and 75.8% of urban household’s areas had some garbage disposal arrangement

  • Only 10.8% of urban dwelling units were situated in slum

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