On 11th July, 2020, speaking at the India Global Week 2020 Summit, Union Minister for Commerce and Industry, Mr. Piyush Goyal, revealed some information about the Government's economic plans that are going to go into action within the upcoming months. He said that the Government is planning to ease foreign direct investment (FDI) norms further. It is going to allow investments in certain sectors that, as of now, have constraints. He said that the Government is soon going to come up with a new forest as well as industrial policy.

He further revealed that the Government is considering some more reforms in the economic policy. He said that the Ministry is looking into the scope of reforms in the mining sector. It is also looking to open up FDI in certain sectors - where there still are some constraints, foreign investment will be permitted.

Goyal added that the Government is also considering reforms in the banking sector and capital market. He said that the Government is working on a few things to further improve ease of doing business. This is also being actively done by the Ministry, through simplifying domestic approvals and bureaucratic processes.

In 2017, the Centre had announced that it was looking to revamp the industrial policy framework. Two years later, in early 2019, the Centre had decided to draft a proposed industrial policy.

Now, the Goyal said that the pandemic has brought a lot of issues, by disrupting certain plans that the Centre had, but the timeline of reforms remains firm. He said that this was supported by, and has been possible by the Centre being resilient and having a fast past of recovery.

In addition to FDI, Goyal also spoke about the railways. He said that it was transporting commodities at a faster pace. The movement of coal, food grains, milk, fertilisers, petroleum products, and other goods has increased multi-fold, precisely to 92% from what it was a year ago, on a weekly basis. One of the other commodities that have reached high levels of consumption is electricity. Moreover, receipts from goods and services tax have reached 90% levels of the usual. He added that there are huge chances of consumption to increase in the next 3-4 months.