Parliament tonight approved the NDA government's first major economic reform measure as the long-pending bill providing for raising foreign investment cap in insurance was passed by Rajya Sabhaafter main Opposition Congress and some other parties came on board.
The controversial Insurance Laws (Amendment) Bill, 2015, which replaced an ordinance promulgated in December last year, was passed by voice vote after walkout by Trinamool Congress and DMK. The BJP's ally, Shiva Seana did not oppose the Insurance Laws (Amendment ) Bill, 2015., but did "register reservations" that it had over certain provisons that allow an increase in the FDI cap from 26% to 49%..
The smooth sailing of the bill in the Upper House, where the ruling NDA is in a minority, was possible with the help of Opposition parties like Congress, AIADMK, the Nationalist Congress Party and Biju Janata Dal besides allies Shiv Sena and Akali Dal.
The bill was introduced this evening after a heated debate and adjournments over technicalities as a similar legislation was pending in the House.
The original bill, which was brought by Congress in 2008, was withdrawn and the new bill was passed after a debate of about two-and-a-half hours.
The Trinamool Congress and Left parties strongly opposed the measure. While Trinamool, DMK as also Samajwadi Party, Bahujan Samaj Party and Janata Dal (United) staged a walkout, Left members moved amendments which were negated.
The bill, which was passed by Lok Sabha on March 4, provides for raising the foreign investment cap in insurance sector from 26 per cent 49 per cent and is expected to bring in funds to the tune of thousands of crores.
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