Modi govt planning ‘reforms’ booster doze for the Indian economy

Narendra Modi
Narendra Modi

Prime Minister Narendra Modi-led Indian government is coming up with a fresh round of reforms. After announcing a slew of reforms including the renewed Foreign Direct Investment (FDI) policy, the Modi government is going to announce new bankruptcy law, subsidy rules, monetary policy, single-window for multi-stoery buildings, among others.

Reportedly, the Department of Industrial Policy & Promotion (DIPP) is working on a proposal for simplifying of the overall framework encompassing all industrial sectors and galvanising it with the FDI policy.

Citi’s Samiran Chakraborty and Anurag Jha, in a note, stated that a slew of announcements of state electricity board reforms and FDI liberalisation have put the developmental agenda back on track.

The government also has plans to come out with bankruptcy guidelines for easier exits of businesses and give protection to lenders and investors.

A Cabinet approval will also be sought on the proposed Monetary Policy Committee (MPC).

Meanwhile, LPG subsidy reforms will also be taken up and focus will also be laid on reviving the manufacturing sector, giving impetus to defence manufacturing sector and passage of GST bill in the parliament, which is strongly opposed by the Congress party.

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