New Delhi: A crucial day for the Narendra Modi government in Parliament on Wednesday as Finance Minister Arun Jaitley will present Insurance Amendment Bill for consideration and passing in Rajya Sabha. The Bill aims to hike the foreign direct investment from 26 per cent to 49 per cent.
The passing of the bill will not be a smooth sailing for the NDA government as regional parties like Trinamool Congress, Janata Dal United, Samajwadi Party have already expressed their dissent to it. The NDA government also does not have the required number in the Upper House.
The Congress has already given its nod to the Bill paving the way for a long pending economic reform.
The Insurance Laws (Amendment) Bill was introduced in Rajya Sabha on December 22, 2008. The Bill was then referred to a Standing Committee on Finance on September 14, 2009, which submitted its report on December 13, 2011.
On August 2, 2013, the UPA government brought amendments to the Bill after the standing committee submitted its report. Members of Rajya Sabha asked for the Bill, with the new amendments, to be reconsidered by a Select Committee of the Upper House.
The Bill was referred to the Select Committee on August 14, 2014.
The Rajya Sabha Select Committee, which comprised of 15 Members, was chaired by Dr Chandan Mitra. It held nine sittings and heard 117 witnesses while considering the Bill. Four Members of the Committee also submitted dissent notes to the Committee report.
The government was keen on getting the Bill passed before Prime Minister Narendra Modi's US visit in September, but when it hit the opposition roadblock in the Rajya Sabha it took the select committee route. With US President Barack Obama visiting India in January, the government would want to showcase this as a key reforms bill that will boost investor sentiment.
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