The Cabinet Committee on Economic Affairs accorded approval for implementation of Special Banking Arrangement for 10,000 crore rupees for payment of outstanding claims on account of fertilizer subsidy in the year 2016-17.
It also approved the continuation of Rashtriya Krishi Vikas Yojana for three years till 2020.
The financial allocation of the scheme will be 15,722 crore rupees with the objective of making farming as a remunerative economic activity by risk mitigation and promoting agribusiness entrepreneurship.
The cabinet also approved revised price of ethanol for the Public Sector Oil Marketing Companies.
The approval will facilitate the continued policy of the Government in providing price stability and remunerative prices for ethanol suppliers. It will also help in reducing dependency on crude oil imports, saving in foreign exchange and benefits to the environment.
Cabinet also approved trade Agreement between India and Ethiopia for strengthening and promoting trade and economic cooperation. Approval was also accorded for agreement between India and Armenia on cooperation and mutual assistance in customs matters.
The Union Cabinet, chaired by Prime Minister Narendra Modi, also gave its approval for introduction of a Bill in Parliament to amend the National Council for Teachers Education Act, 1993. The recognition will be a one-time measure to safeguard interests of the students.