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| Politics
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| Government wins vote on FDI |
| Government wins vote on FDI in retail in Rajya Sabha
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| INDIA
, 7-December-2012
7:48:30 AM |
| The government's double victory in the Lok Sabha and the Rajya Sabha on its decision to allow Foreign Direct Investment or FDI in multi-brand retail opens the way for financial sector reform bills to be taken up in Parliament next week, Parliamentary Affairs Minister Kamal Nath said on Friday.
He was speaking to reporters after the government won a vote in the Rajya Sabha on allowing foreign supermarkets such as Wal-Mart Stores Inc to set up shop in India for the first time.
Prime Minister Manmohan Singh's administration will now turn its attention to pushing more reforms, including raising foreign investment caps in the insurance and pension sectors. "This is the victory for more reforms. In the following week we will bring more financial legislation on economic reforms," Mr Kamal Nath said. "Our reforms are on track," he added.
The government had already won a vote on retail reform in the Lok Sabha two days earlier. The policy will allow global retailers to set up shop in the country's $450 billion (Rs. 2,500 crore) retail sector, and is aimed at drawing more overseas investment and taming inflation.
Although both votes were non-binding, defeat would have piled pressure on Dr Singh to roll back the measure.
Once again, Dr Singh's coalition government relied on Friday on the outside support of the Samajwadi Party (SP) and Bahujan Samaj Party (BSP), underscoring the extent to which it is at the mercy of powerful regional groups to push through legislation.
In the shrinking window before a general election that is due in just over a year, Dr Singh's government - in a minority since the Trinamool Congress exited in September to protest against tough reform measures - wants to push reforms such as allowing more foreign investment in its insurance and pension sectors, and simplifying tax laws.
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