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Indian industry hails new Pension Bill
Highlights
Hailing the passage of Pension Bill by Parliament, India Inc on Friday said once enacted, the legislation would help attract much-needed foreign direct investment (FDI) and result in better products and services on offer. "The passage of the Pension Bill is a welcome move as India needs FDI badly. FDI will attract global players to come in and invest in the country besides increasing efficiency of services," President of PHD Chamber of Commerce and Industry Suman Jyoti Khaitan said. Moreover, increased competition will lead to new products entering the market, he added.
It is a great reform measure and will be a morale booster for global investors. It also shows political consensus building up again on key reforms
- D S Rawat, Assocham
New Delhi (PTI): Hailing the passage of Pension Bill by Parliament, India Inc on Friday said once enacted, the legislation would help attract much-needed foreign direct investment (FDI) and result in better products and services on offer. "The passage of the Pension Bill is a welcome move as India needs FDI badly. FDI will attract global players to come in and invest in the country besides increasing efficiency of services," President of PHD Chamber of Commerce and Industry Suman Jyoti Khaitan said. Moreover, increased competition will lead to new products entering the market, he added.
After a delay of nearly a decade, Parliament on Friday passed the Pension Bill, a key economic reforms legislation, that aims to create a regulator for the sector and allows at least 26 per cent FDI. "We are confident that the passage of this bill will attract new products and players to enter the pension market. The rise in competition may even help in improving efficiency and quality of service," Ficci Secretary General Didar Singh said.
The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011, was passed in the Rajya Sabha with 115 MPs voting in favour and 25, including Members from Left parties and TMC, against. The bill was passed in the Lok Sabha on September 4.
"It is a great reform measure and will be a morale booster for global investors. It also shows political consensus building up again on key reforms," Assocham Secretary General D S Rawat said. The bill would make the PFRDA a statutory authority, unlike its present non-statutory status. "The Bill confers statutory powers to PFRDA which would strengthen its promotional, developmental and regulatory functions in respect to pension funds in India, while also opening up FDI to the pension sector," CII Director General Chandrajit Banerjee said.
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