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Backed by Congress, Select Committee to submit report on Insurance Bill in Rajya Sabha today

Dec 10, 2014 08:16 AM IST Politics Politics
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New Delhi: After a delay of almost seven years, the legislative approval to hike foreign direct investment in insurance sector from 26 per cent to 49 per cent may finally come from Parliament. The Select Committee on the Insurance Bill will submit its report to the Rajya Sabha on Wednesday.

The Congress has already given its nod to the Bill paving the way for a long pending economic reform. The Bill likely to now see a smooth sailing in the Upper House where the NDA govt does not have the numbers.

The Select Committee head for the Insurance Bill Chandan Mitra said, "We have addressed concerns of the Congress. It hasn't given any dissent note."

Congress spokesperson Abhishek Manu Singhvi said, "We want certain caps and concerns to be addressed."

Some regional parties like Trinamool Congress, CPM, Samajwadi party and JDU are opposed to it.

TMC MP Derek O'Brien said, "We have many reasons why we are opposed to this Bill. The Bill is not passing in this session of Parliament."

The government was keen on getting the Bill passed before Prime Minister Narendra Modi's US visit in September, but when it hit the opposition roadblock in the Rajya Sabha it took the select committee route. With US President Barack Obama visiting India in January, the government would want to showcase this as a key reforms bill that will boost investor sentiment.