Economy

Cabinet nod for Indian Institute of Skills

KR Srivats New Delhi | Updated on October 24, 2018 Published on October 24, 2018

The Union Cabinet on Wednesday gave its approval for setting up of Indian Institute of Skills at different locations across the country. The IISs will be set up in public private partnership mode, an official release said.

The setting up of IISs will help augment the global competitiveness of key sectors of Indian economy by providing high quality skill training, applied research education and a direct and meaningful connection with industry.

It will provide opportunity to aspiring youth across the country to have access to highly skilled training, and enhance the scope of accountability through its linkage with industry and global competitiveness across sectors, the release added.

Benami property

The Cabinet also approved the appointment of Adjudication Authority and Establishment of Appellate Tribunal under Prohibition of Benami Property Transactions Act 1988.

Fintech

The Union Cabinet also gave its ex-post facto approval to the memorandum of understanding (MoU) signed between India and Singapore in June on the constitution of a joint working group on FinTech.

Collaboration with Singapore will benefit both the nations to excel in the fields of Development of Application Programming Interfaces (APIs), Regulatory Sandbox, Security in Payment and digital cash flow, integration of Rupay-Network for Electronic Transfers, UPI-FAST payment link, AADHAR Stack and e-KYC in ASEAN region and cooperation on regulations, solutions for financial markets and insurance sectors and box models.

India-Taipei

The Union Cabinet also approved signing of Bilateral Investment Agreement between India Taipei Association in Taipei and the Taipei Economic and Cultural Centre in India.

Sustainable development goals

The Cabinet gave its approval for the constitution of a high level steering committee to periodically review and refine the National Indicator Framework for monitoring of Sustainable Development Goals with associated targets.

The committee will be chaired by the Chief Statistician of India. Secretaries of the Ministry of Statistics and Programme Implementation and that of data source and NITI Aayog will be members of this panel.

Extradition Treaty

The Cabinet also approved the signing and ratification of Extradition Treaty between India and Malawi.

Brics Environmental Cooperation

The Union Cabinet approved ex-post facto approval for memorandum of understanding among BRICS nations on environment cooperation. This MoU was signed during the 10th BRICS Summit in July in Johannesburg, South Africa.

CA INSTITUTE

The Cabinet also gave its nod for signing of memorandum of understanding(MoU) between the CA Institute and the Certified Professional Accountants Afghanistan (CPA Afghanistan).

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Published on October 24, 2018
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