The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday approved the time extension of 36 months to identified 10 provisional mega certified projects for furnishing the final Mega Certificates to the tax authorities. Extension of the time period for furnishing the final mega certificate will enable developers to competitively bid for future Power Purchase Agreements (PPAs) and get tax exemptions as per policy terms. The increased liquidity will boost the overall growth of the country and also ensure the revival of various stressed power assets, according to an official statement released after
the cabinet meeting. The time period for the 10 Provisional Mega projects, which are commissioned/ partly commissioned, for furnishing the final Mega certificates to the tax authorities has been extended to 156 months instead of 120 months from the date of import.
During this extended period, bids for firm power (combination of intermittent renewable energy, storage and conventional power) will be invited in co-ordination with the Ministry of New & Renewable Energy (MNRE) and Solar Energy Corporation of India Limited (SECI) and these Mega projects will be expected to participate in such bids to secure PPAs.
Also, Dearness Allowance (DA) of the central government employees and Dearness Relief (DR) to pensioners have been increased by 3% to 34% of the basic pay with effect from 1 January 2022, the Union Finance Ministry said on Wednesday. The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.01.2022 represents an increase of 3% over the existing rate of 31% of the Basic Pay/Pension, to compensate for the price rise, the Finance Ministry said in a statement.
Also, the Cabinet Committee on Security (CCS) that met under the chairmanship of PM Modi and approved the procurement of 15 Light Combat Helicopters (LCHs) worth Rs 3,887 crore. Besides, Rs 337 crore was also sanctioned for upgrading the existing infrastructure. The Centre informed that the Light Combat Helicopter Limited Series Production (LSP) was an indigenously designed, developed and manufactured state-of-the-art modern combat helicopter containing around 45 per cent indigenous content by value. This helicopter is equipped with requisite agility, manoeuvrability, extended range, and high altitude performance.