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« Back The Finance Bill 26 Jul, 2009 THE FINANCE (NO. 2) BILL, 2009 - SHRI SANJAY NIRUPAM
India has emerged as the fastest growing economy in the scenario where we are facing drought on one hand and global recession on the other. I would like to draw the attention of the Government towards two issues. There should be some control over commodity exchanges. It should be considered as to what commodities should be traded and levying of transaction tax on commodity trading should also be reconsidered because the functioning of commodity exchanges is even more volatile than the stock market. Commodity exchanges should be brought under SEBI for regulation. This work should be brought under the purview of Finance Ministry instead of Agriculture
Ministry. Commodity exchanges trade things of everyday use of common man. If speculators and traders begin trading the food items of everyday use to make money then it would be another reason for the hike in prices. It is my request to exclude the urban cooperative banks from the tax net. Villages should be developed but now is the time to pay attention towards cities also. Urbanisation is taking place at the rate of 40 per cent right now and with it is increasing the number of the urban poor. There are certain programmes and schemes for the development of cities but due attention is not given to them. I welcome the Government’s resolution to wipe JJ clusters from the face of the country. The people living in the JJ clusters are as poor as the rural population. In this context I welcome the Rajiv Awas Yojana. The Union Government should formulate schemes and comprehensive policy for urban development but should not depend entirely on State Governments and Municipal Corporations for their implementation as the functioning of our municipalities are not up to the mark. Today Mumbai is facing crisis of drinking water as well as electricity. The Union Government should have a say in the pricing policy and supply of electricity even after privatization of the sector. The people of Mumbai are facing a rough patch after large scale migration. The Government should pay attention towards this and formulate schemes for the upliftment of the urban poor.
Almost 25 to 30 lakh people have availed home loan in the country. Instructions should be issued through RBI to slash the interest rate on home loan and do away with the floating rate system and home loan should be given on fixed rate only to benefit the large section of people who have availed the home loans.