Engage Opposition to implement reforms
By The New Indian Express
06th October 2012 12:00 AM
Signalling its intent to continue with long-stalled economic reforms, the United Progressive Alliance government on Thursday cleared the pensions and insurance Bills, allowing 49 per cent foreign direct investment (FDI) in both the sectors. Till now, 26 per cent FDI was allowed in the insurance sector while the pensions business was closed to FDI. While Mamata Banerjee’s Trinamool Congress, the Left and some regional parties are opposed to these reform moves, the Bharatiya Janata Party that provides principal Opposition in Parliament has announced that it would like to wait for the fine print of the proposed legislations before taking a position on them.
Since both these decisions require ratification by Parliament, the big challenge for the government will be to mobilise required support from other parties. Unlike the government’s earlier moves of hiking diesel prices and opening the floodgate for FDI in multi-brand retail, the BJP is not opposed to opening up these sectors to FDI. However, in its unanimous report, Parliament’s standing committee on finance, headed by BJP leader Yashwant Sinha, opposed raising the cap on FDI in the insurance sector beyond 26 per cent. According to the party’s national spokesman, Prakash Javedkar, although the BJP is “not opposed to FDI per se, we have to see the fine print as there are many issues of concerns that need to be addressed.”
Realising the ruling alliance’s dilemma, Union finance minister P Chidambaram has said that the government will try to forge a consensus by engaging other parties. If the government is serious about implementing these reforms, it must do so in the spirit of give and take and abjure its confrontationist approach towards the BJP in Parliament. If it fails to do so now, the people will be compelled to view its belated activism merely as political grandstanding to dispel the general perception about its inability to take bold decisions necessary for the security and economic revival of the nation.
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Comments(3)
As it did in case of nuclear Bill, in 2008, BJP should force Govt. to include adequate provisions to safe-guard interests of working-class and other regularly non-salaried and salaried sections. What Govt. is trying is to invite a good amount of flow of funds into the country ( as FDI) to dip into it for its own use- purportedly for infra-projects. In that process people's interests should never be sacrificed. BJP's Yeshwant Sinha talked of a minimum pension amount. BJP should ensure that this minimum amount is linked to CPI firmly ( Consumer Price Index). Let FDI come & hope consensus evolves a water-tight system to be in place to benefit all.
Posted by KANNAN at 10/06/2012 08:10 Reply to this Report abuse
It is not the busienss of the opposition to smoothen the apssage through the hosues of the ruling party;s measures for law making. It is their busienss to put through argumetns aginst and effectively so and obstruct the passage. What a new fad the congress is adopoting. Now all the 364 days in the eyar they ahe bene nrunning down the opposition and now when the chips are badly down they want the opposition to be rallying aroudn tehm ass if we are running a national govetrnment now. Will the op[position bite the bullet or act as a real opposition needs to be seen.
Posted by s subramanyan at 10/06/2012 08:29 Reply to this Report abuse
Parliament is supreme. Members of parliament are the law makers. But ratification of promulgations is exceptional that UPA misuses very often and that impacts every life in India. 51% FDI in multi brand retail, 74% FDI in Cable TV, 6 cylinders PA, FDI in pension, impact every Indian.Parliament is supreme. Members of parliament are the law makers. But ratification of promulgations is exceptional that UPA misuses very often and that impacts every life in India. 51% FDI in multi brand retail, 74% FDI in Cable TV, 6 cylinders PA, FDI in pension, impact every Indian. Then do not complain that opposition does not allow parliament to function & that is negation of democracy this & that. Be democratic UPA. this is what people want. Do not underetimate people & do not think to escape for all the faults u commit on people today.
Posted by K.S.Nagarajan. at 10/06/2012 14:32 Reply to this Report abuse