‘A forward movement’

Passage of Banking, Cos Bills will send positive signals to investors, says Montek

Published: 20th December 2012 10:34 AM  |   Last Updated: 20th December 2012 10:41 AM   |  A+A-

The passing of two key reforms Bills, the Banking Amendment Bill and the Companies Bill, by the Lok Sabha on Tuesday will send positive signals to investors and dispel fear regarding policy logjam in the country, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said on Wednesday.

While the Banking Bill would facilitate entry of more players in the banking sector, which has been pending for long now, the Companies Bill would ensure transparent corporate governance and safeguard the interest of small investors and employees, he said.

“Yesterday, the Lok Sabha passed the Banking Amendment Bill and the Companies Bill sitting late in the evening. The fact that these important legislations have got through Lok Sabha will send a very positive signal  that fears of policy logjam ... That they are overdone ... That thing do get debated and there are difference of opinion and we do make progress,” Ahluwalia said on the sidelines of a health summit organised by the Confederation of Indian Industries (CII) here.

“We were expecting the forward movement. I think the world was expecting to see the forward movement,” he said when asked about passage of the two key Bills in the Lok Sabha.

Regarding other key Bills pertaining insurance and pension sector being taken up in the forthcoming Budget session, Ahluwalia said, “Sure they will.”

Regarding government’s ambitious cash transfer scheme, to be rolled out from January 1, he said “Though the scheme would be rolled out on January 1 the actual delivery of cash would happen only in the middle of the month.”

“We are starting cash transfer scheme on January 1 that does not mean that delivery on that day only. It will be effective and operational by January 15 as the money is released later on,”   he said.

Earlier in his address at the health summit, Ahluwalia assured the health sector entrepreneurs that the government would not nationalise the health sector and their interest and investments would be protected.

Ahluwalia assured that there would be special focus on the health during the 12th Plan with larger allocation of fund and greater policy initiative.


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