From today Parliamentary Winter Session will start amid UPA is set to heat up key economic reforms Bills in sectors like insurance, pension and banking in Session, aiming to raise FDI limits.
As per Parliamentary Affairs Minister Kamal Nath, a total of 25 legislative proposals would go through before parliament in its upcoming session over a period of 29 days and 10 for introduction. And in that list, Banking Laws (Amendment) Bill, Companies Bill and Pension Fund Regulatory and Development Authority Bill, are included for passing.
Insurance Bill is seeking to raise FDI limits to 49% from 26%, while the Pension Bill deals to raise foreign investments of up to 49%. However, Banking Laws (Amendment) Bill which back up by RBI will approval new bank licenses and if pass, shareholders voting rights would be increased in private banks to 26% from 10%, giving the central bank more powers.
The govt. is seeking to first handle the banking bill to pass in Parliament, while two much awaited land acquisitions and food security are out of government’s agenda. Reports are also that beside these, Prevention of Money Laundering (Amendment) Bill, Agricultural Bio-Security Bill, Merchant Shipping Bill, Coal Mines Amendment Bill and Competition Bill are also listed in Session for passing.
For govt, one of the major roadblock or threat over FDI caps is of Trinamool Congress, an erstwhile ally of UPA which aims to downing reforms, a strong opposition that hit out Winter session a stromy one.
Finance Minister P Chidambaram expressed hopes of well and smooth functioning of Parliament Session, following appeal to all parties to give their support at this “difficult times” faced by the economy.
