Modi Government gives mixed signals on Insurance and FDI
Modi believes in time bound work and had charted out a ten point revival agenda on Thursday. He also urged all his ministries to design a 100 day priority time table. Parliamentary Affairs minister Venkaiah Naidu talked in details about the proceedings of the Cabinet meeting to the reporters.
Agenda- Finance Ministry
The finance minister Arun Jaitley’s team is working towards speeding up the Goods and Services Tax (GST). Nitin Gadkari, minister for road transport & highways and shipping, ruled out a regulator for roads and his officials are working towards resuming the road and transport stalled projects.
No FDI in Insurance
Modi Govt. does not want Foreign Direct Investment (FDI) immediately to plague the existing situation and wants to explore other options to help the Insurance sector to raise capital. They do not want to hike the FDI cap in the insurance sector from 26% to 49%.
Agenda- Civil Aviation
Civil aviation minister Ashok Gajapathi Raju Pusapati stated that they want official clearances for new airlines to mobilise the airlines sector. There was no mention that the existing clearances to Air Asia or Tata-SIA will be withdrawn.
The PM had asked each of his cabinet colleagues to also address bottlenecks in their ministries and expedite the stopped or slow projects. The three day old government wants a push for infrastructure and investment, however wants to focus on education through innovative ideas. This entire outlook has sent mixed signals to the industry leaders and public.
Source- The Financial Express
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