Finance Minister Pranab Mukherjee is likely to miss the forthcoming UK-India Economic and Financial Dialogue (EFD) this month-end, amid growing concerns over the drafting of the Lok Pal bill.
The annual bilateral meeting between Finance Ministers of India and the UK has already been rescheduled thrice. Under the EFD, Mukherjee had planned to meet Chancellor of the Exchequer George Osborne to discuss the global economic situation and more importantly international oil prices that has severely affected inflation rates in many countries, including India.
However, the finance minister had to reconsider his earlier decision to visit UK after today’s high-voltage meeting of the 10-member Lok pal bill drafting committee that ended in sharp differences between the government and civil society representatives.
India is likely to appraoch the British government to fix a mutually-convenient schedule for the meeting in September, after the monsoon session of Parliament ends in New Delhi.
Mukherjee was earlier scheduled to leave for a eight-day trip to Washington and London on June 23. But soon after the Lok Pal committee meet, which saw a lot of fireworks and remained unproductive, UPA’s chief troubleshooter started thinking of postponing his trip. Mukherjee may now opt for a shorter trip to the US — for three or four days and return home.
The UK-India EFD was formed after the summit meeting between the two sides in 2004. The forum meets annually to discuss “bilateral and global issues, on financial systems and to enhance economic and financial co-operation”, according to the India-UK joint declaration signed in 2004.
Sources in the Finance Ministry told Business Standard that the UK-India EFD was first planned in March. Then, it was rescheduled in for May but pressing electoral engagements in four states and Puducherry made it impossible for Mukherjee to travel. Mukherjee is, however, expected to visit Washington to meet foreign institutional investors and top US corporate honchos. The Finance Minister is scheduled to participate in an investors’ meet and a conference on Indo-US economic and financial cooperation. The RBI governor and Sebi chairman along with some bank heads will accompany him.