Won't Let Political Obstructionism Stop Insurance Reform, Says Finance Minister Arun Jaitley

New Delhi: A day after introducing the long-pending Goods and Services Tax (GST) Bill in the Lok Sabha, Finance Minister Arun Jaitley today said the government is "extremely determined" to push insurance sector reforms and will not allow political obstructionism to stop it. (Read: GST Bill, Mega Tax Reform, Tabled in Lok Sabha)

"The government is extremely determined to go ahead with this (insurance sector) reform and will not allow a parliamentary disturbance to obstruct or delay a reform of this kind," he said while addressing a FICCI function in New Delhi.

Without naming the Trinamool Congress, Mr Jaitley said that the political party, whose members are allegedly involved in chit fund scam, is trying to divert the attention by creating obstruction in the functioning of Rajya Sabha where the ruling NDA does not have a majority of its own.

The minister regretted that although the Insurance Bill, which seeks to raise FDI cap from 26 per cent to 49 per cent, was approved by standing committee of Parliament and Select Committee of Rajya Sabha, "political obstructionism is being used to ensure it does not come on the agenda of Parliament."

Observing that such attitude cannot stop a reform which has support of overwhelming majority, Mr Jaitley said, "There are enough safeguards, and constitutional system can deal with and effectively defeat this policy of political obstructions."

The Finance Minister also said that with more and more state assemblies going to polls, the ability of the members in the Rajya Sabha to create obstruction will get "further diluted."

Coal bill is another important legislation which is being held up due to political obstructionism in the Rajya Sabha, he said, adding, "It is a bill which has been unanimously passed by the Lok Sabha. All doubts have been cleared. It was not allowed to come on the agenda of Upper House for discussion."

After prolonged delay, Mr Jaitley had on Friday introduced the GST bill in Lok Sabha, which plans to create a single tax for goods and services across the country from April 2016.