ibnlive » Politics

Dec 07, 2012 at 05:29pm IST

More bills in Parliament to bring in economic reforms: Kamal Nath

New Delhi: Buoyed by the victory on the foreign direct investment (FDI) issue in Parliament, the government on Friday said it would bring more bills in coming weeks for ushering in economic reforms. "Certainly, we are going to bring in more legislation in coming weeks in Parliament (financial bills) and we will be engaging all political parties on it," Parliamentary Affairs Minister Kamal Nath told reporters. The Minister was asked if approval of FDI in retail by Parliament was a signal for more reforms in the near future.

Asked if the government had sought the support of the Bharatiya Janata Party (BJP) on the financial bills, he said, "I have discussed with them. I am sure that the BJP will also support us. They want one or two amendments in the bills and that discussion is going on. Convergence on this issue would be necessary."

On the government's victory on the FDI issue in Rajya Sabha, Finance Minister P Chidambaram said, "After the Lok Sabha vote, it was perhaps not necessary to demand vote in Rajya Sabha. It is the right of the Rajya Sabha and they asked for it. "We showed that we have a clear majority. The government has demonstrated that in both the Houses...we have the majority."

More economic reforms bills in Parliament: Kamal Nath

The Minister was asked if approval of FDI in retail by Parliament was a signal for more reforms in the near future.

Minister of State in the PMO V Narayanasamy said FDI in retail is a subject "which the Opposition parties took to a hype. The government's pro-reform policy (FDI in retail) has been approved by Parliament." "We will take up other reforms in the interest of the nation and for economic reforms. This is the first step in that direction," he said.

Minister of State for Parliamentary Affairs Rajiv Shukla termed the approval of Rajya Sabha on FDI as a "grand victory for the government". "The entire propaganda of the Opposition parties, especially BJP and the Left front, has been exposed. Parliament has endorsed FDI in retail, which is in the interest of the farmers... and there will be no harm to small retailers," he said.

Several important bills are likely to be taken up by Parliament for clearance during the ongoing session including the Companies Bill, Competition Bill and FDI in insurance and pension sectors.