UPA II Unleashes Economic Reforms Juggernaut
After allowing FDI in retail, the UPA cabinet cleared 21 big ticket items on Thursday, rolling out the reforms juggernaut. Here are some of the major decisions:
(1) Insurance and PFRDA Bills approved, foreign equity cap in both sectors be hiked to 49 per cent proposed.
(2) 26 per cent FDI in pension cleared as much as 26 per cent FDI in pension.
(3) Amendments to the Companies Bill approved.
(4) The competition regulator gets more teeth; amendments to the Competition Act approved. CCI jurisdiction to extend to all sectors, except merger of banks.
(5) The declaration of five airports as international airports approved. Lucknow (Chowdhary Charan Singh airport), Varanasi (Lal Bahadur Shastri airport), Trichurpurli, Mangalore and Coimbatore. These airports have all the infra to receive international flights.
(6) The 12th Five-Year Plan (2012-17) approved; It envisages to remove infra bottlenecks and aims to achieve annual average economic growth rate of 8.2 per cent, down from from 9 per cent envisaged earlier, in view of fragile global recovery. The document will now be placed before the National Development Council (NDC), the apex decision making body, for the final approval.
(7) Ratification of Nagoya Protocol approved. Nagoya Protocol is signed by 92 countries.
(8) The amendment to the Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959 has been amended to turn the exchanges into guidance cells that would not only match jobs for the unemployed but also counsel.