NEW DELHI: The Union Cabinet on Thursday gave its approval for a policy framework for establishing a Non-Resident Indian/Persons of Indian Origin University as a deemed university de-novo under the University Grants Commission Act as an institution of excellence.

The decision is a follow-up on the promise made by Prime Minister Manmohan Singh to the Indian diaspora to meet the aspirations of overseas Indians for availing higher education opportunities here.

The university will be set up by overseas Indian trusts or societies with credible standing and experience in the field of education under the overall supervision of the Ministry of Overseas Indian Affairs (MOIA).

Announcing the decision, Union Minister and Cabinet spokesperson Priyaranjan Dasmunsi said the university would cater to the needs of PIOs/NRIs in choice disciplines and impart education on par with the best universities in the world. Overseas Indians are looking to their country of origin for higher education as it was expensive in developed countries such as U.S. and U.K.

The Cabinet also gave its nod for setting up an Overseas Facilitation Centre as a trust by MOIA in partnership with the Confederation of Indian Industry and to extend financial assistance to partly meet the operational costs of the trust for the first three years.

The centre would serve as a one-stop shop for the Indian diaspora and its activities would include promotion of overseas investments into India, facilitation of business partnership, establishment and maintenance of a diaspora knowledge network, and assistance for the State Government to project investment opportunities to overseas Indians in infrastructure and social sectors. Besides, it would provide a host of advisory services to PIOs and NRIs and function as a clearinghouse for all investment-related information.

The CII will manage the trust's executive body and will bear the capital expenditure for the first three years. Thereafter, the trust would take up the responsibility as by then it was expected to become self-sufficient.

The Cabinet also approved changes in the conditions set out at the time of enhancement of foreign direct investment in the telecom sector from 49 per cent to 74 per cent.

Under the new rules, remote access to networks in India would be allowed only from approved locations, and be permitted only to equipment suppliers, manufacturers and affiliates, and remote access.

Security for cricket team

In addition, the Cabinet gave its ex-post factor approval for an expenditure of Rs. 2.58 crores towards provision of security for the Indian cricket team participating in the on-going World Cup matches.

The Cabinet Committee on Economic Affairs also met here on Thursday and approved implementation of weather (rainfall) insurance as a risk management support for small coffee growers with plantations up to a size of 10 hectares by the Coffee Board entailing an expenditure of Rs. 22.87 crores a year and to extend the scope of the personal accident insurance scheme for coffee growers covered under the Price Stabilisation Fund Trust to the permanent plantation workers employed by them and to increase the insurance cover for both the growers and the workers.

The CCEA also cleared a proposal for providing rail connectivity from Edapally to the International Container Transhipment Terminal project site at Vallarpadadam in Kochi port at an estimated cost of Rs. 245 crores.

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