NewsGate Press Network

Soon after his return from the a successful two nation visit to Poland and Ukraine, the Prime Minister held his weekly Cabinet meeting on the weekend and took an important decision regarding Unified Pension Scheme

The salient features of the UPS are:

Assured pension: 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. This pay is to be proportionate for lesser service period upto a minimum of 10 years of service.

Assured family pension: @60% of pension of the employee immediately before her/his demise.

Assured minimum pension: @10,000 per month on superannuation after minimum 10 years of service.Inflation indexation: on assured pension, on assured family pension and assured minimum pension

Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of service employees lump sum payment at superannuation in addition to gratuity

1/10th of monthly emoluments (pay + DA) as on the date of superannuation for every completed six months of  service.

This payment will not reduce the quantum of assured pension.

The Union Cabinet also took decision regarding the BioE3 policy.

The approved proposal for BioE3 Policy – Biotechnology for Economy, Environment and Employment – is in fact a policy for fostering high performance bio manufacturing as defined by the Department of Biotechnology.

The salient features of BioE3 policy include innovation-driven support to R&D and entrepreneurship across thematic sectors.

This will accelerate technology development and commercialization by establishing Bio manufacturing & Bio-AI hubs and Bio foundry.

Along with prioritizing regenerative bio economy models of green growth, this policy will facilitate expansion of India’s skilled workforce and provide a surge in job creation.

Overall, this Policy will further strengthen Government’s initiatives such as ‘Net Zero’ carbon economy & ‘Lifestyle for Environment’ and will steer India on the path of accelerated ‘Green Growth’ by promoting ‘Circular Bio economy’.

The BioE3 Policy will foster and advance future that is more sustainable, innovative, and responsive to global challenges and lays down the Bio-vision for Viksit Bharat.

Our present era is an opportune time to invest in the industrialization of biology to promote sustainable and circular practices to address some of the critical societal issues-such as climate change mitigation, food security and human health. It is important to build a resilient bio manufacturing ecosystem in our nation to accelerate cutting-edge innovations for developing bio-based products.

High performance bio manufacturing is the ability to produce products from medicine to materials, address farming and food challenges, and promote manufacturing of bio-based products through integration of advanced biotechnological processes.

To address the national priorities, the BioE3 Policy would broadly focus on the following strategic/thematic sectors: high value bio-based chemicals, biopolymers & enzymes; smart proteins & functional foods; precision bio therapeutics; climate resilient agriculture; carbon capture & its utilization; marine and space research.