The Cabinet will also consider a number of other crucial measures like giving more powers to commodity market regulator FMC, Competition Bill to bring all sectors under Companies Act, and model tripartite agreement for operationalising the Infrastructure Development Fund (IDF), sources said.
This is the second time within a month that the cabinet would consider such major proposals to push reform initiative. On September 13, the government had approved the controversial decision of allowing 51 per cent FDI in multi-brand retail, besides relaxing FDI norms for civil aviation and broadcasting sector.
While the Insurance Bill seeks to raise the FDI cap insurance sector to 49 per cent, from the 26 per cent at present, the proposal in the Pension Fund regulatory and Development Authority (PFRDA) Bill seeks to open up the pension sector to foreign Direct Investment (FDI).
Besides, the NIB, to be headed by the Prime Minister, is proposed to be set up for according fast-track clearances to infrastructure projects.
The Forward Contract Regulation Act (Amendment) Bill that aims to give more powers to commodity markets regulator FMC. The Bill seeks to strengthen Forward Market Commission (FMC) by providing it financial autonomy, facilitate the entry of institutional investors and introduce new products for trading such as options and indices. MORE
