It was for similar populist reasons that the TMC stonewalled the Pension Fund Regulatory and Development Authority Bill, 2011, that allowed fund managers to invest pension funds in the market. Often ideologically more left than the Left, the TMC thought this would expose pension funds to risky market conditions. TMC leaders said that by opposing the bill, the party was staying faithful to its 2009 manifesto that stated its opposition to FDI in retail, banking, insurance and pension sectors. “We don’t want pensioners to expose their life savings to volatile market conditions,” a minister in the West Bengal government said. “We favour fixed returns on pension.”
As the TMC begins to expand beyond West Bengal, like in Uttar Pradesh, where it is making its debut in the coming assembly elections, the party hopes its populist stance on the mooted bills will help enhance its vote-winning capability nationally. That panchayat polls are due this year in West Bengal is also why the TMC has been making crowd-pleasing noises, especially every time the government decides to raise the prices of petroleum products or fertilisers.
On the other hand, it is Didi’s fierce, independent streak that explains the TMC’s opposition to bills that she saw as limiting the powers of the states. That is why the Lokpal bill, before it was passed in the Lok Sabha, was amended to give the states a free hand on setting up their Lokayuktas. This was after the TMC had made it clear that it would not adhere to binding clauses imposed by the Centre. “I am in favour of having a Lokayukta,” Mamata told reporters recently. “But I can have a better model. I can implement that which was not done by you (the Centre).” Her opposition also ensured a clause in the Land Acquisition Bill that allows states to have their own law when it comes to acquiring land.
The precarious financial condition of the state, with a debt of Rs 2 lakh crore, has also guided some of Mamata’s decisions. She opposed the Food Security Bill as the public spending would add to the woes of a state exchequer which was already stretched.
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