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Parliament must pass bills vital for economic growth: CII
Aug '15
The virtual washout of the monsoon session of Parliament has triggered concerns among captains of Indian industry. The logjam in Parliament has meant that the government has not been able to pass two of the most important bills - the GST and the Land Bill which are of vital interest to the industry.

The Confederation of Indian Industry (CII) has called for urgent passing of legislations vital to India's economic growth.

CII president Sumit Mazumder said, “Every session of the Parliament is important and each one of us would like to see important issues discussed, deliberated and addressed. Today, key Bills including GST, the Right to Fair Compensation and Transparency in Land Acquisition, Resettlement and Rehabilitation (Second Amendment) Bill, the Electricity Amendment Bill, etc are pending discussion and passage. We would sincerely wish that attention can be devoted to these and other important economic issues. These are collective responsibilities. The pace of reforms that we have seen in the last two sessions of Parliament should have continued unabated in this session too”

Industrialist and former CII head Adi Godrej said, “The GST model has evolved as a consensus through detailed discussions of the Empowered Committee of state finance ministers over several years. The relevant bill for its introduction must be passed in this Parliamentary session if this vital tax reform is to be introduced by April 1, 2016. The GST is one of the most critical reforms for India as it will create a smooth and efficient market, lower costs and raise tax revenues. We believe it would add as much as 2 percentage points to the rate of growth, which will help generate millions of new jobs. But for this the Parliament must transact business.”

Chairman of CII Task Force on Infrastructure, Vinayak Chatterjee echoed similar views. “The Parliament logjam over the last few weeks has certainly raised concerns over pro-active legislative business in the monsoon session. Crucial bills like the Amendments to the Electricity Bill 2014, Goods and Services Bill, Commercial court and commercial appellate and commercial division in High Court Bill and the Land Bill are pending for approval in the House affecting policies and investment decisions. Delays therein are affecting economic issues down the line, such as rise in bank non-performing assets, investment sentiment, inadequate uptick in the capex cycle and inadequate job creation.”

Protests by the opposition Congress party over the alleged involvement of External Affairs Minister Sushma Swaraj in facilitating the issuance of travel documents for former IPL chief Lalit Modi who is wanted by the ED, has led to the stalling of Parliament.

The Congress has been demanding the resignations of Swaraj and Rajasthan chief minister Vasundhara Raje over Lalitgate and of Madhya Pradesh chief minister Shivraj Singh Chouhan over the Vyapam scam. (SH)

Fibre2Fashion News Desk – India

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