PARLIAMENTARY REPORT
plan would lay out a credible plan of action for faster,
INDIA
sustainable and more inclusive growth. The difficult decisions
THIRD READING: INDIA
The Export Import Bank of India (Amendment) Bill, 2011 The Export-Import Bank of India Act, 1981 was enacted to establish a corporation to be known as the Export-Import Bank of India for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for co- coordinating the working of institutions engaged in financing export and import of goods and services with a view to promoting the country’s international trade. The Export and Import Bank
(EXIM Bank) was established with an authorized capital of 500 crores of rupees, increased to 1,000 crores of rupees in 1999 with a provision that the Central Government of India would, by notification, increase the authorized capital up to two thousand crores of rupees in 2007. The government found it had
become necessary to provide for an adequate capital base to the EXIM Bank to meet the requirement of capital arising from the significant business growth. Accordingly, it proposed to increase the authorized capital of the EXIM Bank from 2,000 crores of rupees to 10,000 with a provision that the Central Government might increase the authorized capital up to an amount that was deemed necessary. The proposed amendments
would enable the EXIM Bank to make fresh borrowings and enable the bank to enhance single or group borrowers exposure limits. To this end the government
brought forward the Export- Import Bank of India (Amendment) Bill, 2011. The amendments proposed
in the Bill received support from members of all sections of the House during discussion. Members suggested that:
• There needed to be a review of the system of appointment of professionals on bank boards; and
• The government should provide information regarding small scale and medium scale sectors not only to the members but also on its website.
Members also felt that the
government prepared a roadmap vis-à-vis encouraging exports, and issues like Fiscal deficit and trade deficit needed to be addressed. They however commented that the Bill provide an opportunity to consider how to make the EXIM Bank viable and durable instrument. The Minister-in-charge of the
Bill in his reply inter-alia assured members that EXIM Bank would continue to play a key role in export lines of credit and overseas investment of Indian companies, and agreed that EXIM Bank had to do more to support small and medium enterprise sectors. The Bill was passed by Lok
Sabha on 21 December 2011 and by Rajya Sabha on 27 December 2011. The Bill as passed by both
Houses of Parliament was assented to by the President of India on 12 January 2012
146 | The Parliamentarian | 2012: Issue Two
that the government had to take were made more difficult by the fact that there was a coalition government and policy had to be evolved keeping in mind the need to maintain a consensus. The government had attached high priority to the development of agriculture and as a result, the growth rate of agricultural production within the last five years had been high. He was convinced that control over the left wing extremism and terrorism was necessary to achieve the growth objectives and setting up the NCTC was an important step in that direction. He made it clear that the idea of NCTC and the manner in which the NCTC would function were two separate issues and the differences between the centre and the states on NCTC could be narrowed down and a consensus could be arrived at. Referring to the condition of Tamil citizens of Sri Lanka, the Prime Minister said since the end of conflict in Sri Lanka, their resettlement and rehabilitation had been the highest and most immediate priority for the government. After a lengthy debate, all
amendments moved were negative and the motion was adopted. In the Rajya Sabha, the
Motion of Thanks on President’s Address was moved by Shri Satyavrat Chaturvedi (INC) on 14 March which was seconded by Dr E. M. Sudarsana Natchiappan (INC). After a long debate, the Rajya Sabha adopted the Motion of Thanks on 20 March 2012.
Railway Minister resigns On 14 March 2012, the Minister of Railways, Shri Dinesh Trivedi, presented the railway budget for 2012-13 in which he proposed to make a moderate
increase in passenger fares. However, the All India Trinamool Congress (AITC), to which the Railway Minister belonged, voiced strong opposition to the proposal. Following this, the Leader of the Opposition in the Lok sabha, Smt. Sushma Swaraj, MP, along with Shri Sharad Yadav (JD-U), Shri Basudeb Acharia (CPI-M), Shri Gurudas Dasgupta (CPI) sought clarification from the government. The Rajya Sabha also witnessed heated exchanges between the treasury and opposition benches on the issue. Responding to the demand in the Lok sabha, the Leader of the House and Finance Minister, Shri Pranab Mukherjee, MP, clarified that the government received one communication from the chairperson of the Trinamool Congress addressed to the Prime Minister and the government had not yet taken any action on it. With regards to the resignation of the Railway Minister, the Prime Minister had not received any resignation letter. The railway budget was the property of the House and the House had the inherent right to approve every proposal in respect of money and finance. Responding to the submissions made by several members on 19 March, regarding Shri Trivedi’s reported resignation, Shri Mukherjee said the resignation letter had reached the Prime Minister and it was under consideration. As soon as a decision would be taken, the Prime Minister would communicate it to the House. The resignation of Shri
Trivedi was subsequently accepted and Trimool Congress member, Shri Mukul Roy was sworn in as the Railway Minister on 20 March 2012.
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