Budget this session

When President A.P.J. Abdul Kalam addressed both Houses of Parliament on Friday, he initiated an extremely crucial session of Parliament which will end on May 22, with a 27-day recess. The next two months in that pie-shaped sandstone structure that houses the highest seat of Indian democracy, will see not just the presentation and passing of the Union Budget, it will witness discussions on two pending bills that could bring about — in Finance Minister P. Chidambaram’s words — “a dramatic improvement in the climate of the financial sector”, and usher in a new phase of economic reform. We refer, of course, to the Pension Fund Regulatory Development Authority (PFRDA) Bill, and the amendment to the Banking Regulation Act.

Apart from the Left parties, there is a fair amount of consensus that has been achieved on both the bills. They have been in the pipeline for over two years — and even earlier if the NDA government’s attempts to enact similar legislation are taken into account. Given this history, it is hoped that the bill will not be subjected to further delays. The BJP, even if it sometimes behaves as if being on the Opposition benches necessarily demands obstructive politics, should at least be committed to its own policy stances and extend cooperation on the passing of these bills. As for the Left parties, they must remember that politics is a matter of give and take. Their position on not deploying Article 356 in UP was largely respected and it is now time to show a little flexibility in turn on measures that would help secure the country’s fiscal health.

The necessary attention that these pending bills — as indeed several others — demand, makes it incumbent on all the political parties to cooperate in completing the business of the House. The Speaker has promised at least 42 sessions this time. Each session should be carefully utilised and accounted for — in the interests of the present and the future.