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  3. Govt approves key reforms in insurance, coal and pharma sectors

Govt approves key reforms in insurance, coal and pharma sectors

26 Dec 2014 Evaluate

With an aim to boost the domestic economic growth, the government has approved key insurance, coal and pharma sector reforms which were stuck in Parliament logjam.  A Union Cabinet committee, headed by Prime Minister Narendra Modi, approved promulgation of the ordinance on Insurance Bill, re-promulgation of the Coal ordinance and allowing 100 per cent FDI in medical devices sector under the automatic route.

The government is of the view that hiking of the foreign investment cap in the insurance sector to 49 per cent will result in capital inflow of $6-8 billion. While, the Coal Mines (Special Provisions) Bill, 2014 will facilitate e-auction of coal blocks for private companies for captive use and allot mines directly to state and central PSUs. The government has decided to auction or allot 101 cancelled coal blocks in the first round of auction. Out of which 65 mines will be allocated to private players while 36 other blocks will be directly allotted to state-owned companies.  Both bills were approved by the Lok Sabha during the session and also got approval from the Standing Committee, as well as the Select Committee of the Rajya Sabha. However, the bills were not permitted to be taken up for discussions in the Rajya Sabha because of disturbances in the upper House.

To encourage manufacturing of equipments, including diagnostic kits and other devices, the government also allowed 100 percent FDI under automatic route in medical devices sector. The move will encourage FDI inflows in the sector and help domestic companies to enhance their global competitiveness.  As per estimates, India imports about 70 percent of its requirement of medical devices. Present industry size stands at around $7 billion in the country.

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