Reforms are on-going process - FM
THE Finance Minister, Chidambaram while addressing the National Editors' Conference said that the reforms are on-going process and far reaching changes have been made in the macro-economic and sectoral policies since 1991. He said that the Government has introduced a series of reforms to improve and sustain the investment climate in the country as well as to make growth more inclusive. These include liberalisation of FDI in multi brand retail, civil aviation and broadcasting, rationalization of diesel and other petroleum prices including capping subsidized LPG cylinders to consumers. With introduction of direct benefit transfer (DBT) through Aadhar, introducing Competition Commission of India (Amendment) Bill, 2012 in Parliament; reducing the rate of withholding tax to enable low cost foreign borrowing by Indian companies; legislative measures in the banking sector paving the way for granting new bank licenses by the RBI, setting up of Cabinet Committee on Investment for fast tracking mega projects of over Rs. 1000 crores and approving the scheme for financial restructuring of State Distribution Companies (DISCOMs) by Cabinet Committee on Economic Affairs (CCEA). Besides this, other reforms are also being considered. The Financial Sector Legislative Reforms Commission (FSLRC), which was examining the laws governing the financial sector, has submitted its report and the report will be put in public domain in the next few days, said the Finance Minister.