India Inc feels let down by washout of Winter session: Assocham

Industry body Assocham today expressed disappointment over washout of the Winter session of Parliament, saying that the country may have to pay a big price for failure to get crucial bills passed.

"The industry, which is grappling with several challenges and headwinds from domestic and global sources, feels let down," the chamber noted.

It also said that with the enabling laws for the Goods and Services Tax (GST) not being tabled in Parliament during the Winter session, the implementation of the most important tax reform looks quite difficult from April 1, 2017.

The Winter Session of Parliament, which had commenced on November 16, was a near washout as proceedings were continuously disrupted mainly over the demonetisation issue.

Both houses of Parliament were adjourned sine die today.

"Bringing Parliament to a halt has become a kind of new normal, which is not good for the Indian democracy and the worst hit is the economy and the people who need faster and quality changes or enactment of laws by the lawmakers.

"Besides, Parliament is the best and the most credible forum for quality national debates where the issues should be debated threadbare, from different perspectives. However, with halting of Parliament becoming a common practice, the country's economy ends up paying a cost," Assocham said.

The chamber said that at a time when India is grappling with international economic challenges like hardening of the US interest rates, slowdown in several key markets and pressure on currencies of emerging markets, the country needs path-breaking reforms to cushion itself from the same.

"It is true that short-term disruptions have been caused by demonetisation, but then the issue could have been debated by all the lawmakers in Parliament so that people would get an opportunity to hear both the points of view and possible solutions to deal with the issue of black money and corruption," Assocham said.

It is time all the political parties considered certain issues above partisan politics and joined together for economic growth and welfare of the people.