"In the last Budget, government has announced listing of various public sector insurance companies and that is work in progress.
"We expect that the process of listing of the insurance companies will begin one-by-one. Modalities are being worked out and I think we should see lot of action on that front in the next few months," Economic Affairs Secretary Shaktikanta Das said at the Economic Times 'BFSI Best Brands' Summit.
Insurance sector regulator IRDAI yesterday released draft guidelines for Indian listed insurance companies. As of now, no insurer, either private or state-owned are listed. However, several of them shown intent to tap the IPO route and get listed.
Commenting on the narrowing down Current Account Deficit (CAD) numbers, released by RBI this evening, Das said it is a "significant" achievement over the previous year.
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Das said with good monsoon rains, passage of GST
constitution amendment bill and cumulative impact of recent economic reforms, "this year we can look at 8 per cent growth".
Talking about the various steps taken by the government, Das said the new law on bankruptcy is a "game changing legislation" and the true impact of the law will be seen when it is implemented.
"The law is in drafting stage and we are trying our best and we hope to introduce this law in the forthcoming Monsoon session of Parliament," he said.
The bankruptcy law deals with corporates, LLPs and partnership firms. It does not deal with distress situation in financial firms.
Speaking at the occasion, Delhi Deputy Chief Minister Manish Sisodia said the "basic principle" of the state government is intent should be clear behind all policies and decisions.
Quoting Chief Minister Arvind Kejriwal, he said the government's job is not do business, but to make doing business easy and "we are working on this principle". He also said effort is also on to check leakages in taxes by using technology and public participation. He said several innovative steps have been taken in that direction.
Niti Aayog CEO Amitabh Kant said the key challenge before India is to rapidly expand its infrastructure.