The Cabinet on Wednesday approved setting up of `20,000 crore National Investment and Infrastructure Fund (NIIF), a sort of sovereign fund, for development of infrastructure projects, including the stalled ones. It also cleared the Consumer Protection Bill which seeks to create an authority for fast-tracking redressal of consumer grievances.
The Cabinet chaired by PM Narendra Modi also approved the proposal to allow foreign investment in Alternative Investment Funds (AIFs) set up under the Securities and Exchange Board of India regulations to facilitate domestic investment. The NIIF is being established to maximize “economic impact“ mainly through infrastructure development in commercially viable projects, both greenfield and brown field including stalled projects. The fund could also consider funding nationally important projects in the manufacturing sector.
Sources said that the Consumer Protection Bill is likely to be introduced in the ongoing monsoon session. Some of the key features of the bill include product liability and provides enough powers to the regulatory authority to recall products and cancel licences, if any consumer complaint affects a section of consumers. The bill provides for stringent penalty , including life imprisonment in certain cases and sufficient provisions for protecting e-retail consumers.
Govt wants death for hijackers
Led by PM Narendra Modi, the Union Cabinet met on Wednesday and approved amendments to the anti-hijacking bill 2014, paving way for death penalty for the hijackers and their associates if even an airport or ground handling personnel gets killed during such an act. Before this change, hijackers would have got death sentence only if a person onboard the hijacked aircraft -passenger or crew -got killed in the act. Also the definition of hijacking per se has been enhanced. “The definition of hijacking has also been made broad-based, which is now in line with the Beijing Protocol.The scope of the period of hijacking is broadened from in-flight to in-service, besides including the conspirators,“ said an official.
