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| Politics
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| BJP-Congress Agreement May Propel I |
| BJP-Congress Agreement May Propel Insurance Bill
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| INDIA
, 3-December-2014
3:10:0 AM |
| Rare agreement between the ruling BJP and the opposition Congress is likely to clear the way for the Insurance Bill that represents the Narendra Modi government's first major legislative reform.
Sources have told NDTV that the Centre has agreed to address the Congress' concerns to win their support for the bill, which seeks to raise the cap on Foreign Direct Investment in the insurance sector.
The bill, say sources, will now define Indian ownership and control in insurance companies after foreign investment is raised to 49%. It is also likely to stress that the company will have to be Indian and management control has to be in Indian hands.
The Trinamool Congress, Samajwadi Party, CPM and Janata Dal United are likely to put up dissent notes at a parliamentary committee that is reviewing the bill.
The Trinamool's Derek O'Brien walked out of a meeting on Tuesday of the committee after objecting to "incomplete" list of "comments and clauses" given to members. The party
is opposed in principle to Foreign Direct Investment in the insurance, defence, pension and rail sectors.
"Some members have raised some concerns and we will try to incorporate them in our report. I will prepare the draft report by December 8 and after the panel approves it, it will be tabled in the House quickly," said the BJP's Chandan Mitra, who chairs the parliamentary panel.
The government plans to pass the bill in the last week of the winter session, say sources.
India's private insurance industry needs an estimated $6 billion or about Rs. 36,000 crore of additional capital over the next five years
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