16 economic legislations in coming Parliament session

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