LONDON, Nov 6: India would allow minority stake for foreign companies in the insurance sector and government will bring a Bill to this effect in the forthcoming winter session of Parliament, finance minister Yashwant Sinha said."We plan to allow foreign equity in insurance to bring it on par with world-levels and harness the funds for long-term needs in infrastructure development, Sinha told investors here last night during a brief stopover en route to New Delhi.The minister sought to allay fears of further delay in opening up insurance sector due to the process of moving the proposed Bill to a joint committee of Parliament.In a democratic set up, review by parliamentary committee of any legislation is supreme, he said and asserted that the Bill would be introduced in the winter session of Parliament beginning November 30. Conceding that privatisation of insurance sector was a politically sensitive issue, Sinha said without private sector participation, the sector had become directionless."We,however, propose to take the issue to the citadels of those who oppose it," Sinha said. The minister met top executives of multinational firms, members of the House of Lords, Bank of England governor Eddie George and representatives of British industry.Sinha also informed the delegates of India's decision to close down chronically ailing public sector undertakings after providing an enhanced voluntary retirement benefit to workers in eight of these units. The minister asserted that his government was working towards reduction of bureaucratic delays.He said government was firming up with plans for a fast track land acquisition procedure that would drastically cut down delays in infrastructure projects.
