Finance Minister Pranab Mukherjee’s plea to India Inc for help in building consensus for passage of several pending financial sector Bills may have been unnecessary.
The Bharatiya Janata Party (BJP), the principal opposition, is likely to help the government cruise through the Budget session. The party — happy that the government has accepted its demand for a parliamentary probe into the 2G scam — might not obstruct most of the important Bills the government would present in this session, said senior BJP leaders.
These are the Pension Fund Regulatory and Development Authority Bill, the Companies Bill, the Food Security Bill, the GST Constitutional Amendment Bill, the Life Insurance Laws Amendment Bill, the Banking Laws Amendment Bill, the Factoring and Assignment of Receivables Bill, the SBI Subsidiary Law Amendment Bill and the Insurance Laws Amendment Bill.
Many of these were cited by Finance Minister Pranab Mukherjee in his Budget speech on Monday. Yesterday, he sought help from India Inc for creating a political consensus for their smooth passage, saying this would send a strong signal about India’s economic system.
The Companies Bill has been cleared by the standing committee on finance. “The standing committee on finance submitted its report in the monsoon session last year. So, the Bill should be cleared if the government presents it in the House,” said a senior BJP leader.
| BILLS | BJP’S STAND |
| Pension Fund Regulatory and Development Authority Bill | Claims the Bill is its initiative. Report submitted by the Standing Committee on Finance in 2006. The party will support the measure |
| Companies Bill | Report given in the monsoon session of 2009. Will support it |
| Food Security Bill | Will wait for the Union government to take the first step |
| Insurance Laws Amendment Bill | The Bill is with the Standing Committee on Finance |
| GST Constitutional Amendment Bill | Says there is no consensus between state governments and the Centre. The Bill should be sent to the Standing Committee on Finance |
| Life Insurance Corporation Amendment Bill | Has no major issue |
| Banking Laws Amendment Bill | No major issue, promises support |
| Bill on Factoring and Assignment of Receivables | No major differences with the government, to give support |
| SBI Subsidiary Law Amendment Bill | Will support it |
The pension Bill has also been cleared by the standing committee on finance, headed by BJP’s Yashwant Sinha. The committee submitted its report in 2006. The party will not create problems if the government presents the Bill in this session, according to a senior BJP leader.
“The Bill was initiated by BJP and so there is no reason for us to oppose it,” said a senior BJP leader in know of the developments.
Interestingly, the BJP leadership has not yet decided its course of action on the Food Security Bill and wants the government to take the first step.
On the GST Bill, which has strained ties between several state governments and the Centre, BJP leaders say the state governments have not yet taken a call. They said the Bill would be first sent to the standing committee. There was scope for discussion only after careful deliberation, they said.
Another crucial Bill, the Insurance Law Amendment Bill, which seeks to allow 49 per cent foreign direct investment in insurance, is still with the standing committee. Sinha’s team is expected to take time to finalise its report on the Bill.
