The government has finalised an extensive reforms agenda focusing on implementation issues in different ministries for the current fiscal.
The agenda includes formalising an institutional mechanism for "independent expert investigation on complaints relating to public sector financial institutions" and a revised policy for foreign direct investment, including strengthening clearances--a major weakness pointed out by industry.
The 15-point action programme also includes a comprehensive revision of export issues as well as the related Central Excise Code along with the introduction of the Land Acquisition Bill in Parliament.
More From This Section
The government feels that all the issues flagged can be taken up within the year. Officials said the agenda was approved by the Committee of Secretaries recently to be placed before the Cabinet Committee on Economic Reforms for approval.
But to hasten the process, the government has decided that the ministries concerned would also place action taken reports before the Cabinet Committee on Economic Reforms scheduled to be held in the first fortnight of July and obtain sanctions for them.
They said the agenda would prioritise among the competing demands those that should be taken up and seen through to their completion. Accordingly, monitoring progress on the policy on major and minor ports and airports to facilitate private and public investment and setting up of an autonomous statutory regulatory agency for tariffs are to be completed this fiscal.
The thrust is on reforms in the farm sector. This includes removal of restrictions on futures trading in agricultural commodities and providing for an autonomous regulator if necessary. The Committee of Secretaries has suggested putting the Essential Commodities Act into "suspended animation" before it is finally repealed. To get over the vexed issue of subsidies, a national policy on subsidies is on the anvil. It will identify target groups, goods and services as well as subsidy norms besides coming up with an exit strategy to phase out subsidies inconsistent with the policy.
The Committee of Secretaries has also proposed large-scale revision of government procurement norms. This will ensure a greater transparency and ring in competition and fairness while eliminating "discretion in procurement of goods". Industry associations have repeatedly stressed that the discretion entailed significant scope for nepotism in various ministries that hurt competition and cause huge losses for the government every year.
Further decontrol of drug prices on the basis of a clear set of regulatory principles is on the cards. Placing this item on the list could mean hastening the finalisation of the new drug policy, which is being drawn up for two years now. A national strategy on marketing of Indian systems of medicine and homeopathy and for social marketing is on the agenda.