A kill of reforms has been introduced by the Union Finance Minister Nirmala Sitharaman for the coal mining and measures for defence, the industry has been appreciating the announcement while suggesting a boost in liquidity.
In the increase, the centre took the decision of incrementing the limit for foreign direct investment (FDI) from the 49% measure to 74% in the automatic path. Also, open mining of coal has been allowed where any of the parties can sell it in open markets.
Chandrajeet Banarjee who is the director-general at Confederation of Indian industry said that this will prove to be a helping hand in the vision of the prime minister of ‘Atmanirbhar Bharat’ which will reduce the imports and boost employment by induction of local manufacturing of goods. “ we believe that the policies introduced will incentivise India’s global engagement with fund inflows and higher competitiveness of the domestic industries” he said.
Major policy decisions across the most critical sectors like defence production. Atomic energy, civil aviation, space and commercial coal mining as disclosed by Finance minister that show the government’s resolution to stay on bold economic reforms unharmed by the COVID 19 global health crisis. This was stated by ASSOCHAM secretary general Deepak Sood.