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The economic agenda for Parliament this session. And what it could mean for India Inc. if the Government actually manages to get some work done. By Ashish Gupta The Congress-led United Progressive Alliance (UPA) has its order books full for the month-long 14th Lok Sabha (monsoon) session. It has lined up as many as 23 bills for introduction and passage in the short period from July 25 to August 26. Interestingly enough, most of these are economic bills, which when passed, could well take the Indian economic reforms story a few notches higher. First, there is the controversial National Rural Employment Guarantee Bill that assures guaranteed employment for 100 days to one member of a family living below the poverty line. This bill could go a long way in bringing a greater number of people above the poverty line. Then there is the Foreign Trade (Development and Regulation) Amendment Bill, which promises to increase productivity and competitiveness of Indian exporters by amending the Foreign Trade (Development and Regulation) Act, 1992. It will mean lesser export controls and help in the imposition of safeguard measures where a surge in imports could well threaten the country's domestic industry. Another important Bill pending in Parliament is the Essential Commodities (Amendment) Bill 2005, which by deleting a few numbers of essential commodities from the original list will facilitate free trade and commerce in the economy. The pending Forward Contracts Regulation (Amendment) Bill 2005 will go a long way in making the parent Act more effective and purposeful in tune with the new liberalised environment of the markets. Then, the Factories (Amendment) Bill will impart greater flexibility in employment of women during night shifts in a factory. Also lined up for introduction in the forthcoming session are the Electricity (Amendment) Bill to amend the Electricity Act of 2003, and the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Bill, which seeks to increase the post of whole time directors from two to four and make government share transferable, as a prerequisite for eventual divestment of shares by the government in the banking system. Yet another important piece of legislation is the Food Safety and Standards Bill to bring about a single statue pertaining to food and do away with the multiplicity of food laws/ regulators, to lay down standards based on science, transparency and consultation, and establish a Food Safety and Standards Authority of India to pool infrastructure, manpower and testing facilities. Also on the anvil is the Pension Fund Regulatory and Development Authority Bill, which will allow 26 per cent foreign direct investment in this sector and the Payment of Wages Amendment Bill, which broadens the coverage of the Payment of Wages Act of 1936 by enhancing the wages ceiling to Rs 6,500 per month from Rs 1,600 per month and to strengthen the penal provisions. But given the fact that the opposition is too caught up with the Indo-US agreements signed during Prime Minister Manmohan Singh's visit to the US, the controversy surrounding the Bihar Governor, and the Nanavati Commission report on the anti-Sikh riots of 1984, it is unlikely that many of these bills will turn into Acts in this session.
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