Date:23/12/2004 URL: http://www.thehindu.com/2004/12/23/stories/2004122304651201.htm

National

Nod for ISRO satellite

By Our Special Correspondent

NEW DELHI, DEC. 22. The Union Cabinet today cleared a proposal of the Indian Space Research Organisation to launch a new high-power satellite with 24 C-band transponders — 12 of them with India coverage and the remaining 12 with expanded coverage in order to provide the much-needed back-up to the present C-band capacity in the country.

The new satellite called G-SAT/ INSAT-4D is estimated to cost Rs. 123.75 crores, with a foreign exchange component of Rs. 83.25 crores.

It will be ready for launch in 18 months.

The Cabinet also decided to introduce a Bill in Parliament for the establishment of an Institute of Actuaries of India for professionals in the insurance sector.

The institute would have a statutory character on the same lines as the institutes for chartered accountants, costs and works accountants and company secretaries.

The Cabinet Committee on Economic Affairs, which also met here today, decided to allow export of cotton up to 20 lakh bales to take care of the downward trend in the prices of the commodity this year following bumper production across the world.

The CCEA also approved a capital subsidy scheme for textile processing units under the Technology Upgradation Fund. The details of the scheme, which would be for a limited period, would be worked out soon by the Textiles Ministry in consultation with the Finance Ministry.