In the fag end of the recent budget session of Parliament, the controversial Pension Fund Regulatory and Development Authority (PFRDA) Bill was introduced in Lok Sabha with the support of BJP as not many ruling coalition members were present in the house and the Left called for a division. Since this was a money bill, the majority vote at the introduction stage was needed to avert the fall of the Government. This was a sudden development and the Government sought the help of BJP members and they baled out the UPA-2 Government by extending their support to the introduction of the Bill. The Left was angry at BJP but the Finance Minister Mr. Pranab Mukherjee was quite happy at this stance of the BJP leadership in Lok Sabha.

Finance Ministry was working for an understanding with the BJP for the passing of the other bills also in the coming session with the help of BJP, but the recent developments, especially the BJP leaders Dr. M M Joshi and Mr. Yashwant Sinha’s diatribes against the Home Minister P. Chidambaram and other senior leaders including the Prime Minister have made the situation extremely difficult.

This political turf war between the UPA-2 Government and the BJP is delaying the finalization of the report on the Insurance Laws (Amendment) Bill by the Standing Committee of Finance of Parliament. Earlier, the members of the SFC were given indication that the finalization of the Bill in the light of the discussions in the SCF in the last six months, will be the major agenda at the SCF meeting this week, but at the last moment, the SCF chairman Mr. Yashwant Sinha of BJP changed the agenda and postponed the finalization of the SCF report on the Insurance bill.

Congress members of the SCF are very upset at this attitude of Mr. Sinha and they apprehend that this is a part of the political move of the BJP to embarrass the UPA Government on the passing of the crucial financial sector reforms bills. The BJP is upset that the Congress members of the Public Accounts Committee headed by Dr. Murli Manohar Joshi had rejected his report on the 2G scam and called for his removal from the PAC chairmanship. Though he has again been appointed by the Speaker since he has got renomination from the BJP, BJP leadership sees this as a measure of confrontationist attitude of the Congress members and the BJP wants to teach the UPA Government a lesson.

What is significant was that the move by Mr. Sinha has upset the elaborate plan that was drawn up by the Finance Minister Pranab Mukherjee in pushing the Insurance Bill in the monsoon session of Parliament. He had talks in March this year with the PAC chairman Mr. Sinha for the finalization of the SCF report this month and indications were given that the SCF report on Insurance Laws (Amendment) Bill will be presented to the Parliament in the beginning of the monsoon session starting in the third week of July next. That was the understanding between Mr. Mukherjee and the BJP also before this latest confrontation over the PAC report on 2G scam prepared by Dr. Joshi.

Now the finance ministry sources say that the SCF has to fix another day this month for this meeting and that depends on the whims of Mr. Sinha. In parliamentary standing committees, chairman sets the agenda and he has a major role in finalizing the contents of the report. That way, much will depend on Mr. Yashwant Sinha’s attitude on finalizing the report on the Insurance Laws (Amendment) Bill.

As regards the presentation of the report in the monsoon session, there is enough time-more than nine weeks, but the sources point out that unless there is some understanding between the Finance Minister and the SCF chairman again and also between the Finance Minister and the senior leaders of BJP, the issue of the passing of the Bill will remain uncertain. Congress members expect that Mr. Mukherjee through his conciliation skill, will be able to persuade Mr. Sinha to call another meeting of the SCF shortly solely to discuss the Insurance Bill, but the confusion remains. An understanding with BJP on the Insurance Bill is needed as the ruling combination is in minority in the Rajya Sabha and they need the support of BJP to pass the Insurance Bill. (IPA)