Govt mulls early action on pension reforms, banking, insurance
New York: Government may push for some early action on enactment of crucial economic legislations like the pension reforms and banking and insurance bills in India after investors and CEOs in the US expressed concern over the delay in their adoption.
This indication was given by Finance Minister Pranab Mukherjee who also made it clear that a decision on allowing FDI in retail could be taken if there is a political consensus.
Talking to reporters after an unusual meeting with Prime Minister on a foreign soil to discuss domestic issues, the Finance Minister said the meeting became essential because he had to brief the Prime Minister on certain important discussions he had with Fund-Bank (IMF- World Bank) officials, the US-India Business Council, Investors Forum and CEOs and to initiate action at the government as a follow-up measure.
"First of all I am eager to get certain legislations passed by Parliament. One of the legislations – Pension Regulatory Development Authority Bill -- has gone though the first stage of Parliamentary Standing Committee. A lot of people have shown interest in making investment (in India).
"Between now and the winter session of Parliament, there is not much time so I thought I will talk to the Prime Minister to get his ideas. The banking amendment Act and the insurance amendment act raising the ceiling cap from 26 percent to 49 percent are important issues I discussed at length with the Prime Minister," he said.