NEW DELHI: Rajya Sabha on Friday took up a private member bill Foreign Investment in Financial Services, Critical Infrastructure and Technology affecting National Security (Regulation) Bill, 2018 for further consideration which provides measures to ensure national security while promoting foreign investment.
Dr Narendra Jadhav (Nominated), economist and financial advisor, resumed his speech on the Bill from December 6, 2019.
The Bill also seeks to reform the process of examination of such investment vis-a-vis their effect on national security and to establish a Committee on Foreign Investment to effectively guard against the risk to national security posed by certain type of foreign investment in financial services, critical infrastructure and technology sector. “The Bill is about new threats to our national security,” Dr Jadhav says. Mr Jadhav said he is not against FDI and but there is a need to cap the limit in rapidly changing digital environment. The Bill seeks to reform the process of examining Foreign Direct Investment in view of protecting the country’s security. Meanwhile, the House agreed to forego Zero Hour and Question Hour on Monday and Tuesday, to take up the agreed upon 12-hour discussion on the Budget, to ensure the debate gets enough time. The Budget Session of the Parliament will end on February 11. Shiv Pratap Shukla, BJP, Uttar Pradesh, said while he supports the Bill, the country must act in accordance with the requirements of a globalised world. Supporting the Bill, Shiv Sena MP Anil Desai said he particularly supports the formation of a committee under the Bill. Instead of a separate legislation, the already existing laws, rules and guidelines like FEMA, Data Protection Bill, etc., could be updated to include the concerns addressed in Dr Jadhav’s Bill, Ramkumar Verma, BJP, Rajasthan, said. (agencies)
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