PSUs Current Affairs - 2019
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A High-Level Committee constituted by Centre has submitted its recommendations to Ministry of Petroleum and Natural Gas on bringing down India’s dependence on crude oil imports.
- Composition: The High-Level Committee constituted by the Centre consisted of Dr Anil Kakodkar, an eminent Scientist and Sidharth Pradhan, an expert on financial and tax issues.
- Purpose: The Committee was constituted to examine issues such as-
- The preparation of action plan to create synergy among Research and Development (R&D) Centres of Oil and Gas Public Sector Undertakings (PSUs, like ONGC, IOC etc.), tax issues and ways by the Oil and Gas PSUs can benefit from GST.
- It looked into acquisition, merger and consolidation of Oil and Gas PSUs and Joint Ventures (JVs).
- It also explored the need and possibility of formation of a new entity that will deal with oil services and supply of qualified manpower to Oil and Gas sector around the world.
- Recommendations: In its report submitted to Ministry of Petroleum and Natural Gas it recommended short term, medium term and long term strategies to reduce import dependency of the nation.
- Significance: The Petroleum and Natural Gas Ministry will consider recommendations submitted by the Committee while formulating policies.
State-owned aerospace and defence manufacturer Hindustan Aeronautics (HAL) became the first public sector enterprise (PSU) to make transaction on RXIL TReDS platform. It executed its first digitised invoice discounting transaction on RXIL TReDS platform by accepting digital invoice uploaded by Nasik-based MSME (micro category) vendor Narendra Udyog. This transaction was financed by Bank of Baroda.
RXIL- TReDS platform
TReDS is online electronic institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSME) through multiple financiers. RXIL is India’s first TReDS platform operating since January 2017. It promoted by National Stock Exchange (NSE), Small Industries Development Bank of India (SIDBI), State Bank of India (SBI), ICICI Bank and Yes Bank. It enables MSMEs to gain control of their receivables with enhanced visibility and timeliness. In October 2017, Union Government had mandated all major PSUs to join TReDS platform to facilitate payments to MSME (micro, small and medium enterprises) vendors.