New Delhi: The government is regulated to convert a foreign direct investment policy to facilitate the public edition of the Mega Life Insurance Corporation of India (LIC), which is planned for this quarter.
While 74% FDI is permitted in the insurance sector, the rules do not apply to LIC.
Anurag Jain, Secretary at the Industrial and Trade Promotion Department (DPIIT), said the current policy related to this sector would not facilitate the process of LIC worship and, therefore, need to be revised.
“We are working on further simplification of FDI’s policy.
Points that are very important for further simplification are needed urgently because we have to make a LIC investment.
So, we will come out with the revised FDI policy that will facilitate LIC investment,” he told reporters here.
This problem is being discussed with the Financial Services Department (DFS) and the Department of Investment and Management of Public Assets (Depam).
“We have had two rounds of discussions at my level and, now, we have (dpiit, DFS and details) on the same page.
So, we are in the process of preparing changes in the FDI policy.
We will go to the cabinet (for approval ), “he said.
Describe the focus of the government in the manufacture of a simpler life for businesses and ordinary people, Jain said the government department has been asked to identify laws and rules that can be simplified or disposed of with the end of the month and the steps to reduce compliance need to be taken in two many – one on End of March and the rest on August 15.
Similar exercises have caused almost 25,000 compliance reduced.
Jain said the government was trying to provide further Fillip to start and expect 50,000 of them to produce around 20 lakh jobs at the end of 2025.
So far, 60,000 startups registered with the government have produced around 6.5 lakh jobs.
He also said that the old e-commerce was delayed and industrial policy would be resolved soon.
E-commerce policy “resolved at my level and we have circulated that to another department.
Now we will have a higher level discussion …
we will discuss with the department about it and then we will finish it …
a lot of work has been done” , the secretary said.