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Government to move ahead with reforms for building institutions and improving public service delivery Every Individual enterprise to be assigned a Unique Id Three public sector general insurance companies to be merged into one

Delhi 

to move ahead with reforms for building institutions and improving public service delivery

Every Individual enterprise to be assigned a Unique Id

Three public sector general companies to be merged into one

The has taken up several important reforms for building institutions and improving public service delivery across the country over the last three and a half years. While presenting the General Budget 2018-19 in the Parliament today, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitely said while AADHAR has provided identity to every Indian, every enterprise, big or small, also needs a unique ID. The will evolve a scheme to assign every individual enterprise in India a unique ID, the Finance Minister announced.

Further, capital of the Food Corporation of India will be restructured to enhance equity and to raise long-term debt for meeting its standing working capital requirement. Budgeting of Government of Indias contribution in equity and debt of the metro ventures floated by the State Governments will also be streamlined, the Finance Minister stated.

The Government has approved listing of 14 Central Public Sector Enterprises (CPSEs), including two companies, on the stock exchanges. Shri Jaitely said that the process of acquisition of Hindustan Petroleum Corporation by the ONGC has been successfully completed. Three public sector general companies National Insurance Company Ltd., United India Assurance Company Limited and Oriental India Insurance Company Limited will be merged into a single insurance entity and will be subsequently listed.

The Finance Minister also announced that the Government will formulate a comprehensive Gold Policy to develop gold as an asset class. The Government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country. Gold Monetization Scheme will be revamped to enable people to open a hassle-free Gold Deposit Account.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 01 2018. 00:20 IST