The present government, Panagariya said, has made a huge progress in implementing reforms including some difficult structural ones such as the GST and IBC that previous governments had difficulty in introducing.

The recent infusion from foreign portfolio investors comes following a net outflow of more than Rs 38,900 crore in October, which was the steepest withdrawal in nearly two years.

The proposal envisages selling about 5% equity stake in ONGC, 3% in IOCLand 10% in OIL. 

Both benchmark indices - Sensex and Nifty - recorded their third straight weekly gains by rising 298.61 points and 97 points, respectively.

FIIs have been on a withdrawing spree in September and October on the back of US providing more attractive options for investing. In September, they pulled out Rs 21,035 crore from the Indian capital market.