Current Affairs – January, 2015

Latest Current Affairs January, 2015 with Current Affairs, news summary on current events of National and International importance of January, 2015 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Packaging of foodgrains & sugar in jute material mandatory: CCEA

The Cabinet Committee on Economic Affairs (CCEA) has made packaging of foodgrains & sugar in jute material mandatory for jute year 2014-15.

In this regard CCEA mentioned that packaging with jute material will be mandatory for minimum 90 per cent of production in case of food grains and 20 per cent in case of sugar production.

With this decision, government is seeking to help the jute sector which generates a lot of livelihoods for farmers and workers.

CCEA also has approved providing financial support to the Jute Corporation of India (JCI). In this regard, government will provide subsidy to JCI on a continuous basis to off-set the losses on account of Minimum Support Price (MSP) operations.

The quantum of subsidy will include the difference between the Purchase and Sale Price of MSP Raw Jute.

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Union Government to sell up to 10% stake in Coal India Limited (CIL)

Union government has announced to sell up to 10 per cent stake in state owned Coal India Limited (CIL) on 30 January 2015.

This decision was cleared by high-powered ministerial panel headed by Finance Minister Arun Jaitley.

It will help the government to raise revenue of 24,000 crore rupees at the current market price and meet the fiscal deficit.

Government is planning to divest 5 per cent stake in the company via share sale and the remaining 5 per cent through the green-shoe option.

Currently, the government holds 89.65 per cent stake in CIL. As per the minimum shareholding norms for listed companies, the government needs to lower its stake to 75 percent.

Coal India Limited (CIL)

  • It is a state-controlled coal mining company, headquartered in Kolkata, West Bengal.
  • It is the largest coal producer company in the world and contributes around 81% of the coal production in India.
  • Union Government of India owns 90% of the shares in CIL and controls the operations of CIL through Ministry of Coal.
  • In April 2011, CIL was conferred the Maharatna status by Government of India. It is India’s 5th most valuable company in terms of market value.

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