Politics
Modi government to ease borrowing, investment rules for state-owned enterprises
By Siddhartha Singh
The center plans to remove some restrictions on its state-owned enterprises, including allowing them to borrow and invest without seeking government permission, according to people familiar with the matter.
Prime Minister Narendra Modi wants to make it easier for these companies to diversify into new markets and boost manufacturing, which would help create jobs and reduce imports, said the people, who spoke on condition of anonymity ahead of a formal announcement. The proposal could be announced as early as Tuesday, when India presents its annual budget.
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A Finance Ministry spokesman did not respond to a request for comment.
The expected reform will come on top of corporate governance reforms adopted by the Modi administration, which have led to higher dividends paid by state-owned companies and helped generate six consecutive quarters of better-than-expected profits. After attempts to sell stakes in these companies failed, the government has sought to focus inward and eliminate practices that have hampered competitiveness.
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Some of the proposed changes include:
– Reducing board size to help cut costs
– Create more classification categories: maharatna, navratna, miniratna, for profit and others
– Mandatory listing of shares for all categories as compared to current mandate for Maharatna category companies
– Up to 25 percent lateral hiring across all categories
Union Budget 2024 | Nirmala Sitharaman, who sets a record for any Finance Minister, will present her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. As inflation has burned a hole in the pockets of ‘aam janata’, will this budget be a relief for Indians? Follow latest news, live updates, in-depth views and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YoutubeAnd Instagram.
Published July 23, 2024, 02:19 EAST
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