Session washout shows no consensus on reforms: Assocham

The washout of the Monsoon session without passage of the GST bill in Rajya Sabha has sent a clear signal among investors that there is no consensus in Parliament on economic reforms, Assocham said on Thursday. "That is unfortunate. For all these years, we have been telling the world that whatever be the level of political differences, there is a broad consensus on economic reforms among the major two parties on a wider spectrum. Such a premise does not seem to be holding good any more," Assocham President Rana Kapoor said. He added, "Whether it was FDI in multi-brand retail or now GST, the key reforms tend to become the bones of contention and sticking points between the major political rivals." "That hurts the economic growth. By not passing the GST Bill, we have missed such a big opportunity of aggregating the vast and diverse country into a single market sooner than later," he further said.

The Monsoon session of Parliament, which was a virtual washout, came to an end today, capping the stormy developments it witnessed during the entire four weeks since it began on July 21. However, keen to ensure the passage of GST bill, government is keeping open the option of reconvening the session with the Cabinet Committee on Parliamentary Affairs today deciding not to recommend immediate prorogation of the Houses after they are adjourned sine die. The passage of GST bill would not just have helped the country move towards uniform tax regime but also sent a strong message that India is a place to be in for the global investors, the industry body said.

"With China slowing down, India is at the cusp of a bigger opportunity, which we should have grabbed. Unfortunately, political events of the last few weeks do not support the business environment," Kapoor pointed out.