Dec 08, 2012, 01.26 PM IST | Source: CNBC-TV18

Govt in action mode, eyes next set of reforms: Anand Sharma

The government has finally passed the litmus test and FDI in retail is all set to become a reality anytime soon. FDI in retail has received clearance from both the upper and lower House of the Parliament.

The government has finally passed the litmus test and FDI in retail is all set to become a reality anytime soon. FDI in retail has received clearance from both the upper and lower House of the Parliament.

Post FDI in retail, the government will look at more reforms and the government will talk to the opposition party, BJP to get clearances on insurance and pension reforms.

Also read: UPA wins FDI battle , says economic reforms on track

Sharma says that House of people has voted on FEMA amendment, it will be tabled in the Rajya Sabha by the ministry of finance and the amendment to it is not required to be passed by both the Houses. He also said that the judiciary must also respect decisions taken by the executive. The government has boosted investors' confidence.

He also hinted that FDI will be implemented in Himachal Pradesh, if Congress comes to power.         

Below is the edited transcript of his interview to CNBC-TV18.

Q: Is FDI now the law of the land because there seems to be some confusion on whether this is law of the land yet because the Foreign Exchange Management Act (FEMA) amendment has still not been tabled in the Rajya Sabha as per Section 48 of the FEMA rule?

A: It only needs to be tabled by the finance ministry in both the House of Parliament.

Q: However within 30 sittings if somebody wants to actually move an amendment?

A: Have the 30 sittings ended?

Q: No, they haven’t, but if somebody were to move an amendment within that 30 sittings?

A: Let’s see. It is for the chairman of Rajya Sabha to take a view. How can you and I talk?

Q: Sitaram Yechury has already gone on record today to say they will move an amendment.

A: Let him go ahead. They will meet the same fate. Our numbers will increase. I am not going to comment because that’s entirely the exclusive prerogative for the chairman of the Rajya Sabha.

Q: At the end of what has happened in the Lok Sabha and the Rajya Sabha today does this now become the law of the land?

A: Ofcourse, it has already become. It stands notified both by the Reserve Bank of India (RBI) and by my ministry.

Q: However, the Supreme Court had said that a mere notification by the RBI was not enough.

A: Can I tell you one thing. The Constitution of India, with due respect to our Supreme Court clearly demarcates the areas for the executive, legislature and judiciary. These are executive domain decisions and executive is accountable to Parliament. We have won the vote in both the Houses of Parliament. Never before in our history, executive policy decision has been called for discussion or vote. It is unfortunate that this has happened, but I am very happy. It exposes the double speak and hypocrisy of our opponents. Now that has happened and I am not in quarrel, let the judiciary do what is in their domain. Let them not question the sovereign legislature that’s the Parliament of India.

Q: However, it is also the right of every parliamentarian to be able to move that amendment?

A: I am not getting into that. I have answered your question.

Q: Let me now move to the fact that this is the law of the land, as you are saying, as of today?

A: Not as of today, it is the final thing.

Q: It is the final thing. You are saying it is cast in stone?

A: Tell me how can there be different yardsticks. Since the Constitution’s adoption in 1950, which executive decision has been rolled back? So, let’s not question India’s Parliamentary democracy. It is history. It is practiced 62 years later. Let us respect that.

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