Even as the NDA government failed to take up the much-awaited insurance bill — seeking to increase the foreign direct investment limit to 49% from the current 26% — in Parliament, the industry and think-tanks seemed satisfied with the first session of Parliament after the change of guard at the Centre. The session, which started on July 7, concluded on Thursday.
Several key bills such as the securities laws (amendment) bill and the apprentices (amendment) bill have got Parliament nod. “The agenda set by the government is in the right direction and it is clear that the government is keen on fixing the broken system while pursuing with reform agenda,” Kiran Mazumdar Shaw, chairman and managing director, Biocon told HT.
“The fact that the NDA government wants to take others along in the decision making process despite getting a thumping majority is a positive sign and it has been a satisfactory performance by the government,” added noted economist Rajiv Kumar.
The almost smooth running of Parliament after a long time has also sent a positive feelers to business leaders that the government would be pushing for more economic driven legislations in the coming sessions.
“We are more than satisfied. We need to give the new government time, earlier investments had dried up, now people are talking about it again, sentiments have improved. The right noises have been made and I am sure in the coming sessions of Parliament, more bills would be taken up. The Opposition also needs to play a more responsible role,” Chandrajit Banerjee, director general, CII said.
Echoing the same sentiment, Siddharth Birla, president, Ficci said that the performance of the government has been agreeable.
Finance minister Arun Jaitley has said that the issue on goods and services tax would be resolved before the next session of Parliament and the bill is expected to be introduced in the next budget session.
“While the insurance bill could not get passed, the finance minister has expressed confidence that by the winter session, it will get passed and that apart there are several other important issues which have been taken up which will push the economy,” said Soumya Kanti Ghosh, chief economic adviser, State Bank of India.