NEW DELHI: Get ready for another round of reforms. The foreign direct investment policy liberalisation and power reforms package announced before Diwali were just the beginning of a series of executive actions to perk up investment sentiment and give the economy a push.Among measures on the cards are single-window clearance for multi-storey buildings, a monetary policy framework, a new bankruptcy law and subsidy reforms as the Modi government seeks to maintain the momentum on policy change."This ( FDI liberalisation) was not a one-off measure," said a senior government official. "There are more steps in the pipeline... Work is on in many areas." The department of industrial policy & promotion ( DIPP ) is already working on a key proposal aimed at simplification of the overall framework entailing all industrial sectors.DIPP has proposed to marry industrial codes with the FDI policy, bringing about significant clarity in the overall foreign investment framework. This will spell out the FDI framework for each industrial sector in a single line.The FDI policy is being linked with the National Industrial Classification code of 2008. A discussion paper has been posted for stakeholder consultations. "The FDI reforms were a perfect example of that (reform) intent just before the winter session of Parliament starting November 26," Citi’s Samiran Chakraborty and Anurag Jha said in a note."The back-to-back announcements of state electricity board reforms and FDI liberalisation puts the developmental agenda back on track."The measures are expected to be rolled out before the opening of Parliament, when the government will try and convince other parties to approve the constitutional amendment needed to implement the Goods & Services Tax (GST). The government is sticking to its April 1 deadline on GST The finance ministry has also put the rollout of a bankruptcy code on the fast track to provide for easier exits for businesses and to ensure protection to lenders and investors. The new monetary framework that has inflation-targeting as a key element is expected to be taken up by the Cabinet soon, an official said. The finance ministry will also seek Cabinet approval for the proposed Monetary Policy Committee (MPC) on which it has reached an agreement with the Reserve Bank of India.The government is also working on a system headed by the Cabinet secretary to get strategic sales moving. ET reported last week that a comprehensive package to address non-performing loans of banks was also under consideration.With ease of doing business in mind, the government is working on single-window clearance for multi-storey buildings. Currently, these need approval by the ministries of civil aviation and environment besides a host of other permits required at multiple points. This simplification is set to be announced this month.The government is also expected to take LPG subsidy reforms forward by excluding those in the high-income bracket. Direct benefit transfer for kerosene is expected to be taken up on a pilot basis in five districts of each state. Petroleum Minister Dharmendra Pradhan has already written to chief ministers on this.Other steps will be aimed at reviving manufacturing, seen as crucial to creating jobs. The government has streamlined environment clearances as also other processes, leading to India jumping 12 places on the World Bank’s ease of doing business index.Indian Railways has given GE a $2.6-billion order to build locomotives in the first significant FDI in the sector, to spur manufacturing. Efforts are also on to give defence manufacturing a boost with a new procurement procedure this month. The government is looking to achieve as much as it can without seeking parliamentary approval. The main Opposition Congress had stalled the functioning of the Upper House, where the ruling coalition doesn’t have the requisite numbers, in the last session.Most political observers don’t expect any significant legislative business to be concluded given that a key legislation endorsed by most political parties — GST — is still stuck in the Upper House.Resolute action in executive discretion such as easing of foreign investment rules as has been done, or the proposed subsidy reforms, makes eminent sense. However, the government cannot circumvent Parliament to adopt a bankruptcy code for quick and time-bound insolvency resolution and liquidation. Neither should it push laws through an ordinance that eventually needs to be cleared by Parliament. The best course is for the government to engage with the Opposition and ensure the passage of the unified bankruptcy code. The Opposition should, on its part, stop being obstructionist.