Bill seeks panel to gauge foreign investment with national security impact

Nominated Rajya Sabha member Narendra Jadhav on Friday moved a private member's bill that seeks to set up a committee to scrutinise foreign investments in financial services, critical infrastructure and technology sectors having bearing on national security.

Moving the Foreign Investment in Financial Services, Critical Infrastructure and Technology Affecting National Security (Regulation) Bill, he said, "This bill seeks to protect national security while promoting foreign investment."

"This is sought to be done by reforming the process by which foreign investments are examined in the light of national security considerations," he added.

The bill seeks to establish a committee on foreign investment headed by the economic affairs secretary to effectively guard against the risk to national security posed by certain types of foreign investment in financial services, critical infrastructure and technology sectors.

Earlier, the members in the House participated in the discussion on another private member's bill -- the Representation of the People (Amendment) Bill -- which seeks to remove limit on election expenditure by candidates.

G V L Narasimha Rao (BJP), Sudhanshu Trivedi (BJP), Rakesh Sinha (nominated), P L Punia (Congress), V P Nishad (SP) and Ashok Bajpai (BJP) took part in the discussion.