The Insurance Bill is not coming up in the Rajya Sabha on Wednesday as the deadlock continues over referring it to the select committee despite Modi government’s efforts to rally the Opposition for bringing on track its first major economic reform initiative.
As the Opposition stuck to its stand, government sought their cooperation for passage of the “most progressive reform” at a time when penetration of insurance was very low.
Parliamentary Affairs Minister M Venkaiah Naidu said that government was ready to accept any meaningful suggestion from the opposition and was awaiting their response after Monday’s meeting to thrash out consensus.
“Country needs investment and in larger interest of the country and for betterment of economy the Bill is needed as people’s interest are paramount,” he said, making a pitch for early passage.
Informal consultations took place on Tuesday between Naidu, Finance Minister Arun Jaitley and Congress leader Anand Sharma. Naidu said the Bill has already been through the Standing Committee, which had deliberated on it for long. He said the government would not have clamoured for foreign investment if resources were available domestically.
- Here’s Why Delhi-NCR Gets Pollution Code On Lines Of Beijing
- PM Modi Is More Interested In TRP Politics Rahul Gandhi At Congress Parliamentary Meet
- Bigg Boss 10 December 1 Review: Priyanka Jagga Succeeds In Her Divide And Rule Strategy
- Kahaani 2 Audience Reaction: Vidya Balan Starrer Thriller Gets Mixed Reviews
- Find Out What PM Modi Said About Demonetisation On LinkedIn
- Row Over West Bengal ”Military Coup” Issue Escalates: Who Said What
- Here’s How Mohammad Kaif Replied To Virender Sehwag’s Birthday Wish On Twitter
- West Bengal CM Mamata Banerjee’s Flight Reportedly Had Low Fuel: Here’s What Happened
- Reliance Jio Welcome Offer Extended Till March 31, JioMoney Launched
- Uri Attackers Came From Pakistan, Establishes Digital Data
- Bigg Boss 10 Nov 30 Episode Review: Captaincy Brings Differences In Manoj Punjabi & Manveer Gurjar
- Congress Vice President Rahul Gandhi’s Official Twitter Handle Hacked
- After Rahul Gandhi’s Twitter Handle, Congress Official Twitter Account Hacked
- 3 Dead As Army Helicopter Crashes In Sukna In West Bengal
- BJP, Congress Engage In War Of Words Over Nagrota Attack: Find Out More
When told that parties like Congress have problems over the FII provision in the Bill, Naidu said: “Whatever is their concern they should say it. I hope they will come back and there would be meeting of minds”. Naidu’s remarks came even as opposition parties insisted on referring the first major economic reform initiative of the Narendra Modi government to a select committee.
The Insurance Laws Amendment Bill was introduced in the Rajya Sabha in 2008. The Bill seeks to raise foreign investment cap in the sector to 49 per cent, with management control in the hands of Indian promoters. At present 26 per cent FDI is allowed in insurance.