Politics deals temporary setback to PM Modi's reform agenda
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ONE year after coming to power with a bold economic reform agenda, Prime Minister Narendra Modi has run into speed breakers in the form of India's chaotic political process.
The government failed to pass two bills that are crucial to kickstarting growth in Asia's third-largest economy during the Budget session of Parliament that ended on Wednesday. The two bills are proposed amendments to the Land Acquisition Act and GST (Goods and Services Tax).
The ruling BJP (Bharatiya Janata Party) has the biggest majority in 30 years in the Lok Sabha (the lower house of Parliament). However, for any bill to become law, it must also be passed by the upper house or Rajya Sabha. Since the Rajya Sabha membership is via an indirect electoral college, the results of the last election are not reflected in its composition and hence the BJP is in a minority.
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