Finance minister P Chidambaram and Reserve Bank of India governor Raghuram Rajan on Wednesday stood up as one to demand urgent passage of key economic reform bills saying any dilly-dallying in a year of economic slowdown, elections and possible political uncertainties may lead to missed opportunities.
“Finance sector reforms can be game changers,” the FM said at the Delhi Economics Conclave in New Delhi.
Several reforms measures such as the goods and services tax, the direct taxes code, Insurance Laws (Amendment) Bill and the uniform financial code are stuck because of Parliamentary logjam and lack of political consensus.
“Each one of them requires the building of a broad consensus. My experience has been that consensus is built after several months of hard work and then the consensus crumbles when it is hit by a seizure of political opportunism,” the finance minister said.
The ongoing Parliament’s Winter Session, which ends on December 20, is virtually the UPA government’s last opportunity to push through pending legislative agenda before the next year’s Lok Sabha elections.
Speaking at the same conclave, Rajan said: “A stable government post-elections cannot be taken for granted...it would be dangerous for parties to postpone necessary legislations with the idea of passing the legislation post-election.”