Union minister for environment and forests Prakash Javadekar said the Centre’s bid to change policy on insurance, coal and land acquisition will usher in “second generation of economic reforms.”
Javadekar was referring to policy changes which the Centre brought through recent ordinances on insurance, coal and land acquisition. “Through this, we hope to fast-track the development process,” he told media on Saturday.
He added that it is necessary to remove bottlenecks for success of ‘Make in India’ campaign. The minister said the Centre has identified 14 areas under new land acquisition legislation which Land Acquisition Act, 2013, had ignored.
Responding to a query, he said the Centre’s bid to relax land acquisition norms in five areas namely rural infrastructure, industrial corridor, defence, affordable housing and public-private partnership (PPP) projects will put country on fast track development.
He said raising FDI cap from 26% to 49% in insurance sector will help Indian companies in raising capital and investing it in growth-oriented sectors.”