WINTER SESSION OF INDIAN PARLIAMENT: SINE DIE

The recently concluded winter session was pretty productive compared to the previous monsoon session. This winter session had altogether 20 sittings with over 60 hours, of which 47 hours were used to discuss and argue petty issues. Lok sabha passed 13 bills whereas Rajya sabha passed nine. The major bills passed included Negotiable Instruments bill, Waterways bill, Scheduled Castes and Scheduled Tribes bill, Juvenile bill, Arbitration and Conciliation Bill, Atomic Energy bill to name a few. The last three days were the most productive with Rajya Sabha passing six bills that to without discussion.  

With GST stalled and Bankruptcy bill referred to joint committee of both the houses, reform agenda of the government remains unfulfilled. Passing of GST bill would improve ease of doing business in India and propel our GDP by 1-1.5% whereas Bankruptcy code would improve stability of our banking sector.But who cares?

Even though US FED has indicated further interest rate tightening in 2016, global economy would still be flush with capital to be deployed in investment destinations providing transparent investor friendly laws along with stable returns. Foreign direct capital was $16.60 bn in April to September 2015 compared to $14.70 bn in the same period previous year. There was a modest increase of 13% YOY. If FDI flow has to be enhanced all political parties need to rise above petty politics. Next general election would be in 2018, just two and a half years to go and as witnessed in 2013, the level of intolerance among Indian electorate is growing.