16 economic legislations in coming Parl session

Last Updated: Wednesday, November 16, 2011 - 20:52

New Delhi: Government will seek passage of
several key economic legislations in the winter session of
Parliament, pushing its reforms agenda and allaying concerns
of policy paralysis among a section of the industry.

The long-pending Pension Fund Regulatory and Development
Authority (PFRDA) Bill, which will pave way for 26 per cent
foreign investment and encourage private sector participation
in pension sector, is among 16 economic bills which will come
up in the month-long session beginning November 22.

Since the government has not received reports of the
Parliamentary Standing Committee on the Direct Taxes Code Bill
and the Goods and Services Tax Bill, they are not likely to be
taken up in the coming session.

Besides, the Bill, which seeks to raise foreign direct
investment in insurance sector from 26 per cent to 49 per
cent, is also pending with the Committee headed by senior BJP
leader and former Finance Minister Yashwant Sinha.

These bills are considered important for the next
generation reforms and the government has been making requests
to the Parliamentary panel to expeditiously complete the work.

The DTC Bill which will overhaul the five-decade old
Income Tax Act, was introduced in August 2010 and the
Constitution Amendment Bill for GST in the Budget session.

The government needs to take the Opposition parties on
board, particularly for the GST since it would require
two-thirds majority in both the Houses of Parliament and
ratification by at least half of the state assemblies.

In recent past, a section of India Inc has blamed for the
government for inaction on policy front, especially at a time
when efforts were needed to fight slow down and combat the
impact of the global crisis on domestic economy.

PTI



First Published: Wednesday, November 16, 2011 - 20:52

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