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LATEST NEWS UPDATES | Left plans a front against UPA's reform bills-Nidhi Sharma

Left plans a front against UPA's reform bills-Nidhi Sharma

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published Published on May 4, 2012   modified Modified on May 4, 2012

The Left Front has started mobilising the support of non-NDA and non-UPA parties to garner support against the Congress-led UPA government's move to push its economic reforms agenda with three much-delayed financial sector legislations.

The Left Front will reach out to regional parties, including AIADMK, Samajwadi Party, Janata Dal (Secular), Biju Janata Dal and Asom Gana Parishad, to gather numbers against the legislations. Despite reservations expressed by UPA ally Trinamool Congress, finance minister Pranab Mukherjee had told a Washington audience last month that the government was serious about pushing the three reform bills - Pension Fund Regulatory and Development Authority (PFRDA) Bill, Insurance Laws (Amendment) Bill and Banking Laws (Amendment) Bill.

CPM polit bureau member S Ramachandran Pillai said: "We will launch an agitation against the government's move to introduce the three anti-people legislations inside and outside Parliament. There are like-minded secular parties we have worked with. We know they will support us." Left Front is also banking on the fact that BJP has given its support for PFRDA only and not the other two legislations. "Their support to PFRDA Bill comes with riders. Even within BJP there are different voices," said a senior CPM MP.

Numerically speaking, even if the Left gets support of regional allies the numbers would not be enough to defeat UPA's intentions unless BJP comes on board. The Left Front (CPM, CPI, All India Forward Bloc, RSP) has 24 MPs in Lok Sabha. With Samajwadi Party (22), AIADMK (9), Biju Janata Dal (14), Janata Dal (Secular) (3) and Asom Gana Parishad (1), the Left Front would be able to get the support of mere 73 MPs. At best, this "third front" would be able to send a message of dissent through this. Only if BJP with its 114 MPs supports the initiative, such a move could have any substantial meaning.

Outside Parliament, the Left Front would launch an agitation with the help of trade unions. All India Trade Union Congress (AITUC) general secretary and CPI MP Gurudas Dasgupta said: "The protests would not be restricted inside Parliament. We are encouraged by the February 28 strike when all trade unions irrespective of political affiliations got together to oppose UPA's policies. We will be launching mass action against the so-called reforms agenda outside Parliament as well."

The Left Front has serious objections to the Government's reforms agenda. In UPA-I when the Left Front was supporting the ruling coalition from outside, it had forced the government to shelve the Bills.

The Insurance Laws (Amendment) Bill was introduced in the Rajya Sabha in December 2008 by then finance minister P Chidambaram as part of UPA's financial sector reforms. The Bill was seen as crucial by foreign investors to India's commitment to reforms in this sector.

The Banking Laws (Amendment) Bill, which seeks to strengthen the regulatory powers of the Reserve Bank of India and the issue of capital raising capacity of banks, was first introduced in 2005, but lapsed with the dissolution of the 14th Lok Sabha.


The Economic Times, 4 May, 2012, http://economictimes.indiatimes.com/news/politics/nation/left-plans-a-front-against-upas-reform-bills/articleshow/12989075.cms


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