THE Government on Wednesday approved Rs 2,516 crore for computerisation of functional 63,000 Primary Agriculture Credit Societies (PACS) aimed at promoting financial inclusion.

The decision was taken by the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.

The computerisation programme is aimed at increasing efficiency of PACS, bringing transparency and accountability in their operations, facilitating these societies to diversify their businesses and undertake multiple activities/ services.

Addressing media after the Cabinet meeting, Information and Broadcasting Minister Anurag Singh Thakur said this project proposes computerisation of about 63,000 functional PACS over a period of 5 years with a total budget outlay of Rs 2,516 crore, with the Centre’s share of Rs 1,528 crore. This will benefit 13 crore farmers, mostly small and marginal, he said. Thakur said this is a landmark decision and a big reform in this sector.

THE Government on Wednesday allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuel, such as petrol and diesel, as it deregulated one of the last few avenues that were still under its control.

While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the Government fixed buyers for crude produced from older fields, such as Mumbai High of ONGC and Ravva of Vedanta.

Briefing reporters on the decisions taken at a meeting of the Union Cabinet, Information and Broadcasting Minister Anurag Thakur said from October 1, the companies will have the freedom to sell crude oil in the domestic market. However, the ban on the export of crude oil will continue. This decision would mean ONGC can auction its 13-14 million tonnes a year of crude oil produced from Mumbai High field to any refiner, including private sector Reliance Industries Ltd and Rosneft-backed Nayara Energy.

THE Union Cabinet on Wednesday gave post facto approval to the strategic partnership agreement with the International Renewable Energy Agency (IRENA) which will help India in green energy transition.

“The Union Cabinet chaired by Prime Minister Narendra Modi was apprised of a Strategic Partnership Agreement signed between the Ministry of New and Renewable Energy (MNRE), Government of India, and the International Renewable Energy Agency (IRENA),” an official statement said. According to the statement, the Agreement was signed in January 2022. The aim of the Agreement is to drive ambition, leadership and knowledge on green energy transitions based on renewable energy in India.