Will Support Bankruptcy Bill

A national consensus on investments and labour reforms is needed to make India more competitive. This was stated by Mr Anand Sharma, Deputy Leader of the Indian National Congress Parliamentary Party in the Rajya Sabha while addressing the CII Annual Session 2016 with the theme of ‘Building National Competitiveness’ being held in New Delhi.

Mr Sharma stated that India must be able to invest in itself. It should also target skill development, particularly for industry. Regarding other areas for boosting the country’s competitiveness, Mr Sharma alluded to administrative reforms and cutting of red tape. The country requires social stability and a peaceful environment for growth.

The imperatives for reform mentioned by Mr Sharma included improving the health of banks, encompassing state governments in the reform process and building national consensus on investments.

Regarding the Bankruptcy Bill, Mr Sharma reiterated that the Congress Party supports the Bill and it would be passed in Parliament in due time.

“We are engaged with Government on GST,” stressed the former Minister. Mr Sharma said that the purpose of the GST was to make India a single market and lower transaction costs to make the country more competitive. He mentioned areas of concern on GST pertaining to surcharge, federal character of the nation, and a cap. He said that the GST should cover petroleum, electricity, alcohol and tobacco in order to be comprehensive.

“The country has great promise and potential and has made great strides,” felt Mr Sharma. He noted that there has to be inherent continuity in decision-making by the state and expressed satisfaction that India’s democracy ensures this. It should move forward collectively while investing in the right institutions, he concluded.

New Delhi
4 April 2016