Finance Minister announces 9 pillars for transforming India, banking sector reforms

Monday, Feb 29, 2016,11:51 IST By metrovaartha A A A

New Delhi | Finance Minister Arun Jaitley today listed ‘nine pillars’ including tax reforms, promoting ease of doing business and ensuring fiscal discipline, that will transform India.

Unveiling the Budget 2016-17, he said the pillars also include emphasis on governance reforms. The other pillars, he added, include focus on agriculture and rural areas with a view to doubling farm income by 2022. Besides, he said, government will lay greater emphasis on social sectors, education and skill building and job creation for building a knowledge based and productive economy. The government, Jaitley said, will also focus on infrastructure investment, financial sector reforms, fiscal discipline and tax reforms to reduce compliance burden.

The Finance Minister also proposed listing of four wholly-owned PSU general insurance companies, important banking sector reforms and undertaking significant changes in FDI policy. There are four public sector general insurance companies — New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd and United India Insurance Co Ltd. Besides, there are two specialized insurers — ECGC and AIC – and one life insurance insurer, LIC.