New Delhi, Jagran Bureau. Despite taking a step back on agricultural reforms, the government will not lax on other economic reforms. In the coming winter session, the government is going to introduce at least six such bills which will accelerate the path of reforms from finance to power sector. There is also a possibility of political opposition to some of these bills. Along with political parties, farmers leaders are also threatening especially regarding the Electricity Amendment Bill, 2021.

The path of privatization of public sector banks and new reforms in the power sector will be easy.

By the way, the government is confident that there will be no problem in getting the bills related to economic reforms passed by both the houses. The Banking Laws (Amendment Bill), 2021 will be introduced in the winter session, which will ease the way for privatization of public sector banks. Through this, the Government will amend the Banking Companies Act, 1970 and 1980 and the Banking Regulation Act, 1949.

This bill will help in implementing the announcement regarding bank privatization in the General Budget, 2021-22. Finance Minister Nirmala Sitharaman then announced the privatization of two public sector banks. The government has not yet publicly said which two banks will be privatized, but the names of Indian Overseas Bank, Bank of Maharashtra and Central Bank of India are believed to have been chosen for this. Through the bill, obstacles in the process of privatization of two of these banks will be removed.

Electricity Amendment Act, 2021 to be introduced in winter session

Another important bill related to economic reforms is the Electricity Amendment Act, 2021. Although the draft of this bill is ready for two years, but due to various reasons it could not be introduced. This will intensify the competition in the power distribution sector and give freedom to the customers to choose the electricity distribution company like the mobile service provider. This will make it mandatory for the distribution companies to purchase power from new sources. This will give more impetus to sectors like wind and solar energy.

The new law will be successful in giving a new direction to the power sector

The government believes that like the Electricity Act, 2003, this bill will also be successful in giving a new direction to the entire electricity sector. But in the past there was a lot of opposition from farmer organizations regarding some of the proposals of this bill. He says that the government wants to eliminate the electricity subsidy given to the agriculture sector. Another bill related to economic reforms is the PFRDA (Amendment) Bill, 2021. Which will ensure more powers to the pension fund regulator PFRDA to strengthen the country’s pension sector and secure the future of every worker. Similarly, the Insolvency and Bankruptcy (Second Amendment) Bill, 2021 is also considered very important. This will make the existing Insolvency Act (IBC) more powerful and help banks to complete the insolvency process faster.

Edited By: Arun Kumar Singh