Nirmala unveils labour reforms

Nirmala unveils labour reforms

Agency News

New Delhi, Jul 5 : In her maiden Budget presented on Friday, Finance Minister Nirmala Sitharaman laid out a broad roadmap aimed at making India a $3 trillion economy by 2020 and further growing to $ 5 trillion in a few years.

She proposed changes to kick-start domestic and foreign investment, creating a blueprint for gas and water grids and regional airports. n the Budget proposals for 2019-20 presented in Lok Sabha, Finance Minister said the government would streamline multiple labour laws into a set of four labour codes. he said the government would also focus on training new age skills like Artificial Intelligence, robotics and 3D printing.

With a view to boost investment, the government will undertake reforms and liberlise FDI in aviation, media, animation and insurance intermediaries. There would be steps to implement enabling measures to boost International Financial Service Centres (IFSCs) and also set up a Credit Guarantee Enhancement Corporation.

The Modi government would also initiate steps for electronic fund raising programme for listing of social enterprises and voluntary organisations, she said. The statutory limits for foreign investments in some companies would be hiked. The Centre has set a target of Rs 1,05,000 crore disinvestment target and also undertake a massive railway station modernisation programme.

Unveiling steps to achieve market reforms, she said SEBI will evaluate hiking minimum public shareholding to 25 per cent from 35 per cent.Finance Minister said a Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place. (UNI)