Traditional medicine is a major pillar of the health-care delivery system, and it plays an important role in promoting and maintaining good health and well-being. That is why, in its decision, the Union Cabinet approved the establishment of the WHO Global Center for Traditional Medicine (WHO GCTM). Simultaneously, approval was given to establish the National Land Monetization Corporation (NLMC) as an SPV to generate revenue by monetizing unused and partially used government assets for private-sector investment and to boost the local economy.
DECISION: The National Land Monetization Corporation (NLMC) has been approved as a wholly-owned, government of India company with an initial authorized share capital of Rs 5000 crore and a paid-up share capital of Rs 150 crore. NLMC will monetize surplus land and building assets of central public sector enterprises (CPSEs) and other government entities.
IMPACT: CPSEs currently own a large amount of underutilized or partially-utilized land and assets. The monetization of these additional land and non-core assets is critical to the pricing of CPSEs that are in the process of strategic disinvestment or on the verge of closure. NLMC will monetize these assets and provide support throughout the process. The use of these part-used assets for production will encourage private sector investment, boost the local economy, and provide financial resources for economic and social infrastructure. In the process of strategic disinvestment, NLMC will acquire additional land and building assets from defunct CPSEs and government-owned CPSEs. It will be managed and monetized by NLMC. This will make it easier to wind down CPSEs and engage in strategic disinvestment.
DECISION: The Union Cabinet has approved the establishment of the WHO Global Center for Traditional Medicine (WHO GCTM) in Jamnagar, Gujarat, with the signing of a Host Country Agreement between the Government of India and the World Health Organization (WHO).
IMPACT: The WHO GCTM will be established in Jamnagar under the Ministry of AYUSH. It will be the world’s first and only outsourced global centre for traditional medicine. This will help establish AYUSH systems worldwide, provide leadership in global health issues concerning traditional medicine, ensure the quality, safety, and efficacy of traditional medicine, ensure accessibility and rational use of traditional medicine, and develop benchmarks in relevant technological areas. It will also assist in the development of specialised capacity-building and training programmes. A Joint Task Force (JTF) has been formed to coordinate, carry out, and monitor the activities required to establish this center. The JTF is made up of representatives from the Indian government, the Indian Permanent Mission in Geneva, and the World Health Organization.
