Modi government walks the talk, announces a slew of reforms

The Prime Minister Narendra Modi-led government has set the ball rolling as it announced a number of policy reforms.

With announcements like approval of 10% stake sale in Coal India Ltd, an IPO at Cochin Shipyard, a five-year interest subsidy scheme to bolster sagging exports and revival of 34 stalled projects of NHAI, the government is walking the talk.

The Cabinet Committee on Economic Affairs (CCEA) empowered the National Highways Authority of India (NHAI) to revive 34 stalled projects which will free up projects worth Rs 35,000 crore.

A Railways project is also being given a nod that will attract about Rs 10,000 crore of investment.

Also, the government, for the first time, approved direct payment of a sugarcane production subsidy to farmers.

India’s Coal Minister Piyush Goyal, while briefing the mediapersons, said, “All these decisions will give a huge boost to economic growth, to growth of exports, revival of stalled projects and bring back the momentum in the economy which this government has been striving for over the past 18 months.”

It is worth mentioning that 10% stake sale of Coal India will get at least Rs 21, 000 crore in the government’s kitty.

Regarding the IPO of Cochin Shipyard, the approval is for the sale of 3.4 crore equity shares.

Meanwhile, the decision of the stalled projects of NHAI is also a welcome move.

As per reports, the CCEA also gave a nod to segregate the cost of construction from that of land acquisition and pre-construction activity to speed up the approval process of national highway projects.

"By adopting the policy, the avoidable delays in the process of appraisal and approval of NH (national highway) projects will be suitably addressed. Speedy appraisal and approval will help in meeting the award target of 10,000 km set for this year," the government said in a statement.

(Image: Reuters)