The standing committee on finance will tour the drought-hit areas next month even as it is yet to compile its report on several pending economic Bills, including the one to reduce the government equity in public sector banks to 33 per cent and the repeal of the Sick Industrial Companies Act (SICA).
The committee, headed by N Janardhan Reddy, during the eight-day tour beginning September 10, will interact with state government officials and farmers. The panel will visit Orissa, Bihar, Gujarat and several other states. While House panels do undertake tours for the assessment of issues, what has raised eyebrows is the fact that the expertise to assess drought conditions is with ministries like agriculture, food and rural development. Also the panel depends for its analysis on those ministries.
So even with the drought assessment, it will not be in a position to make an impact on the deliberations till the demand for grants of the finance ministry comes before it in the next fiscal.
The committee yesterday heard representations from banks and other financial institutions on the repeal of the SICA.
The banks and other financial institutions endorsed the decision of the standing committee on home affairs to repeal the Act and replace it with a National Company Law Tribunal. Finance secretary S Narayan also deposed before the committee.
