Commerce and Industry Minister Piyush Goyal said on Saturday that the government is looking to further ease foreign direct investment (FDI) norms. Investments are being allowed in certain sectors that have constraints. He said that the government will soon come out with a new industrial and forest policy.
The minister was speaking at the India Global Week 2020 Summit. He said that some reforms in the economic policy are being considered. "We are looking at further reforms in the mining sector. Also, we are looking to open up FDI in certain sectors where there still are some constraints, foreign investment will be permitted," Goyal said.
He added that the government is considering the banking sector and capital market reform. Goyal said that the government is working on further improving ease of doing business. The ministry is working on simplifying domestic approvals and bureaucratic processes, he added.
In early 2019, the Centre had decided to draft a proposed industrial policy -- two years after it had announced that the policy framework could be overhauled.
The minister said that the pandemic has thrown a 'spanner in the works' but the timeline of reforms remains firm. Goyal said that this was supported by resiliency and a fast past of recovery.
Goyal spoke about the railways and said that it was moving commodities at a faster pace. Transportation of coal, food grains, milk, fertilisers, petroleum products, and other goods has increased to 92 per cent from a year ago on a weekly basis. Electricity and receipts from goods and services tax has reached 90 per cent levels of the usual. Consumption is also likely to increase in the next 3-4 months, he said.