FDI bill in monsoon, says Moily

The Centre will push through all the bills for economic reforms, including the legislation seeking bill on FDI in retail, Corporate Affairs Minister Veerappa Moily told mediapersons on the sidelines of an event here on Friday.

“To ensure that the Economy is back on its tracks and to increase the credibility of the faltering rupee, these bills will be pushed in the upcoming monsoon session,” he said.
Allowing FDI in retail would ensure remunerative prices for farmers’ produce, apart from balancing the demand and supply in the market, Moily said.

He said the country needed to put the competition governance back in on track as it was the only way to arrest inflation and the faltering rupee.

With Pranab Mukherjee contesting the Presidential election as UPA candidate, it was Dr Manmohan Singh who will be the ‘suitable’ man to get the economy on its rails, Moily said. “Knowing Dr Singh for a long time, I am sure he possess a magic wand to get the economy to go in the right direction,” he opined.

Labour reforms

He said the Centre will also be looking at the labour reforms bill, provident funds bill and the insurance reforms bill to be pushed through during the upcoming session.
“We have to ensure that all the opposition parties are also willing to pass the pending bills. And this requires a lot of convincing,” he said.