The Congress goes for big reforms only when it has its back to the wall. There are ample signs the Congress party will close ranks behind Prime Minister Manmohan Singh and pursue some big-ticket reforms which were long waiting to be done. Consequently,the UPA government,bogged down by corruption scandals,is looking to salvage itself by embarking on pending economic and governance reforms with renewed zeal. Close on the heels of the prime ministers assertion that he would press ahead with reforms despite the odds,the government on Friday came out with an agenda dominated by key economic bills for the Budget Session of Parliament beginning Monday. The Constitutional amendment Bill for Goods and Services Tax,the key indirect tax reform aimed at removal of cascading of taxes,the MMDR Bill,which is meant to expedite the approval processes in the mining sector which is affected by an investment famine and the Bill for making land acquisition easier for the industry found place on the budget session list,released on Friday. The Companies Bill which aims to introduce greater disclosure requirements for corporates in a new regime focussing on self-regulation and shareholder democracy would also be taken up,after incorporation of the parliamentary standing committees suggestions. The Bill to amend SARFAESI Act is also being brought in to improve the non-performing assets (NPA) recovery mechanism by giving banks precedence over the tax department in this regard. The Recovery of Debts due to Banks and Financial Institutions (Amendment) Bill,2011 is being introduced to remove inconsistencies in the existing legislation. A Bill to enable SBI arms to be merged with the parent would also be taken up in the session. These,however,wont be the only steps which Singh will be taking in the next few months in order to arrest the feeling of drifting the government. Government sources have confirmed that while a promised Cabinet reshuffle will take place after the budget session,a much more far-reaching change will take place in the top bureaucratic echelons of the government,including senior positions in the PMO. The PM is determined to move ahead from the mess of the last few months,by starting with what he knows best,economy and also repairing the so-called governance deficit. Let us be frank,this PMO is essentially six years old,even if the government is just a year and half old, said a senior official in the government. The PM will also be seen as taking a more pro-active role in Parliament this time,sources said. He will be speaking on February 22,conceding the Oppositions demand for a Joint Parliamentary Committee (JPC) probe on the 2G spectrum scam. That will be just a 10 line statement. When he stands up to reply to the motion of thanks to the Presidents address,however,he will make a more detailed and aggressive speech on what his government has done to fight corruption till now, said the source. Parliamentary affairs minister Pawan Kumar Bansal confirmed Friday that a decision on a Joint Parliamentary Committee (JPC) will be taken before Wednesday. Prime Minister Manmohan Singh had said in his press conference Wednesday that it was the Oppositions obduracy which was not allowing the Parliament to function and hence was blocking key reforms. With the Joint Parliamentary Committee (JPC) being all but conceded,reforms will be pushed it seems,and hopefully give the government back some of its verve.
