The corporation will be given a years time to resolve

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The Corporation will be given a year’s time to resolve problems facing firms in trouble. Govt. eases mine auction rules More than two years after it introduced auctions as a means to allot mining rights for major minerals, the Centre significantly eased the auction rules in a bid to rekindle investor interest in a process that has been marred by failed auctions . While 33 blocks of minerals have been successfully auctioned since May 2015 , when the mineral auction rules were introduced, as many as 60 auctions have flopped for lack of interest . The development assumes significance as the Centre is looking to auction more than 100 blocks over the next 15 months with a potential value of about Rs. 2 lakh crore . 1) States can now allocate blocks even if there are less than three bidders in the fray during the second round of auction, as opposed to the existing rule that requires the process to be annulled if there are less than three bidders in the first three rounds. 2) In a bid to expand the pool of prospective bidders, net worth requirements have also been relaxed. For an average annual output of up to Rs. 2 crore, bidders now need a net worth of just Rs. 0.5 crore. Similarly, for an average annual output of up to Rs. 20 crore, the net worth norm has been slashed from Rs. 40 crore to Rs. 10 crore. 3) Rigid end-use conditions on minerals excavated from a block, have been done away with. Miners can now dispose of 25% of unused low-grade ore. 4) The new norms also have a clause to discourage miners from ‘squatting’ on mine leases . If you have the letter of intent for a mine, be ready to mine within three years.
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CURRENT AFFAIRS DECEMBER 2017 83 | Page 9004078746 [email protected] Foreign Trade policy: Government announces incentives worth Rs. 8,450 cr to boost exports The government announced incentives worth Rs. 8,450 crore to boost exports of goods and services, mainly from labour-intensive segments and the Micro, Small and Medium Enterprises (MSME), as well as to increase employment generation and value-addition in the country. The move comes at a time when India’s shipments had shrunk in October 2017- the first after 14 consecutive months of positive growth - due to the impact of the Goods and Services Tax (GST). The incentives were announced as part of the Mid-Term Review of the Foreign Trade Policy (FTP ). “The FTP will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports,” an official statement said. The FTP for the period 2015-2020 had set an ambitious target of $900 billion for India’s exports of goods and services by 2019-20. It also aimed to raise India’s share in world exports from 2% to 3.5%.
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