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Pranab pushes for three key reforms

Finance minister Pranab Mukherjee said in Washington on Sunday that he hopes to have three key reforms passed in the ongoing session of Parliament. Yashwant Raj reports.

world Updated: Apr 23, 2012 00:00 IST
Yashwant Raj
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Finance minister Pranab Mukherjee said in Washington on Sunday that he hopes to have three key reforms passed in the ongoing session of Parliament.

The insurance amendment bill, pension fund regulatory bill and the banking amendment bill were the three for which the minister said at a news briefing he expects to get Parliament's clearance.

On the contentious proposal to amend tax laws in the context of the Vodafone case he said fears of a large number of tax cases being reopened were "totally unfounded".

Mukherjee was addressing a news briefing, rounding off his visit for the annual spring meetings of the IMF-World Bank.

After being reported to have said that no reforms would be made before the next general election in 2014, Kaushik Basu, the finance ministry's chief economic advisor, told Hindustan Times India would see some important reforms soon.

These would include a review of subsidies, partial diesel price decontrol and FDI in retail, in addition to the reforms in insurance, banking and pension fund.

The one reform not likely before 2014 was an amendment of the Industrial Disputes Act, he said.