<Li> Towards the end of 2011, the Congress - led UPA - 2 Coalition Government initiated the introduction of 51% Foreign Direct Investment in retail sector . But due to pressure from fellow coalition parties and the opposition, the decision was rolled back . However, it was approved in December 2012 . </Li> <Li> In the early months of 2015, the second BJP - led NDA Government under Narendra Modi further opened up the insurance sector by allowing up to 49% FDI . This came seven years after the previous government attempted and failed to push through the same reforms and 16 years after the sector was first opened to foreign investors up to 26% under the first BJP - led NDA Government under Atal Bihari Vajpayee's administration . </Li> <Li> The second BJP - led NDA Government also opened up the coal industry through the passing of the Coal Mines (Special Provisions) Bill of 2015 . It effectively ended the Indian central government's monopoly over the mining of coal, which existed since nationalization in 1973 through socialist controls . It has opened up the path for private, foreign investments in the sector, since Indian arms of foreign companies are entitled to bid for coal blocks and licences, as well as for commercial mining of coal . This could result in billions of dollars investments by domestic and foreign miners . The move is also beneficial to the state - owned Coal India Limited, which may now get the elbow room to bring in some much needed technology and best practices, while opening up prospects of a better future for millions of mine workers . </Li> <Li> In the 2016 budget session of Parliament, the Narendra Modi led BJP Government pushed through the Insolvency and Bankruptcy Code . The Code creates time - bound processes for insolvency resolution of companies and individuals . These processes will be completed within 180 days . If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors . This law drastically eases the process of doing business, according to experts and is considered by many to be the second most important reform in India since 1991 next to the proposed GST . </Li>

India initiated economic liberalisation and privatisation in the year