After lots of fighting and speculations the Narendra Modi government can expect some relief on Insurance Laws Amendment Bill, which is coming in Rajya Sabha for consideration and passage, with main opposition party Congress willing to support it. The Insurance Bill is aimed at increasing the cap on foreign direct investment (FDI) in the public sector insurance companies from 26 to 49 percent and was passed by Lok Sabha last week.
Finance Minister Arun Jaitley has held a meeting with leaders of all parties in Rajya Sabha in the morning, which saw Government agreeing to opposition’s demands of referring the Coal and Mines bill and the Mines and Minerals bill to Select Committee of the Upper House and that will submit recommendations by March 18, two days before the House goes for a recess. The government wants to push through Parliament in the first half of the budget session are the Land Acquisition Bill, Mines and Minerals (Development and Regulation) Amendment Bill, Insurance Laws Amendment Bill, The Coal Mines (Special Provisions) Bill 2015, Motor Vehicles (Amendment) Bill and Citizenship (Amendment) Bill.
“Insurance bill is different. It has gone through Select Committee. There could be unanimity on insurance,” said a senior leader from the Opposition. “If Insurance Bill is defeated in Rajya Sabha… it will open an opportunity for a Joint Session of Parliament,” Minister of State for Finance Jayant Sinha said.