Bill seeks to raise the FDI cap in the sector to 49 per cent
Picture used for representational purpose. (photo: PTI/File)
New Delhi: The BJP-led NDA government is all set to push through its first major measure, the Insurance Bill, that seeks to raise the FDI cap in the sector to 49 per cent, in the Rajya Sabha on Monday.
This will be a major test to see if the Narendra Modi government can get its reform agenda through the Upper House, where it does not enjoy a clear majority. The Congress, the main Opposition, has not given a clear commitment whether it will support the Bill.
The Bill was listed in the Rajya Sabha agenda Thursday, but couldn’t be taken up for discussion as the Opposition wanted more time to go through the amendments. Altogether 97 amendments have been moved to the original Bill, and the government has circulated these to the members to enable them to study at length.
Senior BJP ministers are in touch with the Opposition to ensure that the Bill is passed by the Rajya Sabha.
Parliamentary affairs minister M. Venkaiah Naidu voiced the hope that the bill will “go through”. BJP sources said former Prime Minister Manmohan Singh and several other Congress leaders favour passage of the Insurance Bill. Mr Naidu said all political parties have time till Monday to study the draft.
( Source : dc correspondent )
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