An announcement for setting up of this fund was made by the finance minister in his 2010-11 Budget speech. She said, the constitution of the fund will support social security schemes for various segments of unorganised workers like weavers, toddy tappers, rickshaw pullers and beedi workers.
An official release says that the Union Cabinet also approved inclusion of more ministries in the Governing Council and the Executive Committee of Sarva Siksha Abhiyaan (SSA) to ensure better coordination in the implementation of the scheme. Ministries of Tribal Affairs, Rural Development, Minority Affairs, Panchayati Raj, Youth Affairs and North-Eastern region are being included in SSA’s Governing Council. In another decision, the Cabinet gave its nod for further modification of the revised relief package of assistance for animal husbandry sector in Andaman and Nicobar islands.
The cabinet also decided to reduce the term of fixed deposit from 10 years to 3 years for beneficiaries of Tsunami affected areas of Andaman & Nicobar Island whose amount of compensation is equal to or less than Rs 10,000. According to an official release, the decision is aimed at helping the beneficiaries to withdraw the funds earlier for their requirement. It said the decision will benefit those whose compensation amount is very meagre and those who are quite old and reluctant to open fixed deposit account for a term of 10 years. Tsunami had hit Andaman & Nicobar islands in 2004.