FINANCIAL SECTOR in Budget 2017 - 2018
- Foreign Investment Promotion Board to be abolished in 2017-18 and further liberalisation of FDI policy is under consideration
- An expert committee will be constituted to study and promote creation of an operational and legal framework to integrate spot market and derivatives market in the agricultural sector, for commodities trading. e- NAM to be an integral part of the framework.
- Bill relating to curtail the menace of illicit deposit schemes will be introduced. A bill relating to resolution of financial firms will be introduced in the current Budget Session of Parliament. This will contribute to stability and resilience of our financial system
- A mechanism to streamline institutional arrangements for resolution of disputes in infrastructure related construction contracts, PPP and public utility contracts will be introduced as an amendment to the Arbitration and Conciliation Act 1996.
- A Computer Emergency Response Team for our Financial Sector (CERT-Fin) will be established
- Government will put in place a revised mechanism and procedure to ensure time bound listing of identified CPSEs on stock exchanges. The shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges.
- Propose to create an integrated public sector ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies
- A new ETF with diversified CPSE stocks and other Government holdings will be launched in 2017-18
- In line with the ‘Indradhanush’ roadmap, ` 10,000 crores for recapitalisation of Banks provided in 2017-18
- Lending target under Pradhan Mantri Mudra Yojana to be set at ` 2.44 lakh crores. Priority will be given to Dalits, Tribals, Backward Classes and Women.
