Poll wins to speed up PMs reforms New Delhi: TIMES NEWS NETWORK The pace of economic reforms is set to accelerate, bolstered by BJPs election successes in Haryana and Maharashtra. The Narendra Modi government is expected to kick off at least half a dozen measures, ranging from the long-pending Goods and Services Tax Bill to amending the land acquisition law that has not just made life difficult for companies but also pushed up costs. In addition, an ordinance to deal with the fallout of the Supreme Court verdict cancelling coal block allocations is in the offing. Also being planned is a fresh push to ensure that the select committee on insurance bill submits its report in time for the Centre to seek passage of the legislation in the winter session by holding a joint sitting, if needed. Amid growing scepticism over the governments ability to press ahead with the reforms agenda, the Modi administration made its inten tions clear on Saturday evening -unveiling big bang oil sector decisions, which included increase in natural gas prices, lifting control on diesel prices and re-launching the Aadhaar-based direct cash transfer for cooking gas subsidies. These measures are expected to have a sobering effect on moderate inflationary pressures, government finances, ease the pressure on interest rates and rekindle investor interest. Separately , with a new team in place in the finance ministry , work on the 2015-16 Union Budget is set to start with fresh vigour. Sources said with the state polls out of the way and results in Maharashtra and Haryana being favourable, the Centre is keen to set all speculation to rest. The idea is to focus on some big-ticket items, which will not just help improve sentiment but actually bring about greater efficiency in the system by removing irritants. Coal ordinance by month-end; govt to acquire plots and plants for auctioning The coal ministry has readied an ordinance, after extensive consultations with attorney general Mukul Rohatgi, to acquire land bought by allottees to extract underground coal along with plants standing on them before putting them up for auction. The ordinance, likely to come up before the Union Cabinet next week, follows the Supreme Courts decision to cancel all coal block allocations since 1993. But the judgment was silent on the fate of the land bought by allottees for mining purposes. Successful bidders in the fresh auction would be liable to pay the earlier allottee the cost of the land and the plant.
Posted on: Mon, 20 Oct 2014 01:37:33 +0000
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