Insurance Bill to be taken up in Rajya Sabha on Monday
1 Aug 2014 5:56 AM IST
To ensure safe passage for the upcoming insurance bill, parliamentary affairs minister Venkaiah Naidu held consultations with leaders from the opposition Congress and other political parties. The bill was earlier scheduled to be moved on Thursday but hit a roadblock with opposition failing to cooperate. The government is now expected to bring the Insurance Bill increasing FDI up to 49 per cent as well as the SEBI Bill (to allow the regulator to tackle pyramid or Ponzi schemes to protect small investors) in parliament on Monday. It was still not clear whether the Congress will support the move or not.
‘Naidu ji on Thursday met Congress leader Anand Sharma and leaders of BJD. They were requested to support the passage of the bill,’ a BJP source said. BJD leader Jay Panda had recently welcomed the decision to increase FDI in insurance sector saying the sector needed foreign investments.
Earlier, on 24 July, the Cabinet Committee on Economic Affairs (CCEA) had approved 49 per cent foreign investment through the Foreign Investment Promotion Board (FIPB) route, to ensure management control in the hands of Indian promoters beyond 26 per cent of FDI. The cabinet meeting was headed by prime minister Narendra Modi.
Meanwhile, the decision has invited criticism from the opposition leaders who claimed that the move could be disastrous for India. Earlier, reacting to increase the FDI cap in the insurance sector, CPI leader Gurudas Dasgupta said, ‘The decision is dangerous for our country. Foreign companies having investment in this sector are unsafe. Its worst affect was experienced world over. This is a dangerous move and I opposed the decision taken by the CCEA.’ Congress leader Rajiv Shukla also criticised the government move but said new regime is walking on expected lines. CPI (M)’s Sitaram Yechuri termed the move as a gift to John Kerry.
‘Naidu ji on Thursday met Congress leader Anand Sharma and leaders of BJD. They were requested to support the passage of the bill,’ a BJP source said. BJD leader Jay Panda had recently welcomed the decision to increase FDI in insurance sector saying the sector needed foreign investments.
Earlier, on 24 July, the Cabinet Committee on Economic Affairs (CCEA) had approved 49 per cent foreign investment through the Foreign Investment Promotion Board (FIPB) route, to ensure management control in the hands of Indian promoters beyond 26 per cent of FDI. The cabinet meeting was headed by prime minister Narendra Modi.
Meanwhile, the decision has invited criticism from the opposition leaders who claimed that the move could be disastrous for India. Earlier, reacting to increase the FDI cap in the insurance sector, CPI leader Gurudas Dasgupta said, ‘The decision is dangerous for our country. Foreign companies having investment in this sector are unsafe. Its worst affect was experienced world over. This is a dangerous move and I opposed the decision taken by the CCEA.’ Congress leader Rajiv Shukla also criticised the government move but said new regime is walking on expected lines. CPI (M)’s Sitaram Yechuri termed the move as a gift to John Kerry.
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