The Modi government appears determined to push through its first big economic reforms measure — a Bill to peg FDI limit in the insurance sector at 49 per cent — even as the Congress remained ambivalent on its support.
The Finance Ministry has proposed 11 new amendments to the Insurance Laws (Amendment) Bill and plans to bring it in the Rajya Sabha for consideration and passage on Monday. The Bill was mentioned in the List of Business of the Upper House on Thursday but had to be deferred following objections raised by the Opposition.
“In principle, we support 49 per cent FDI in insurance, but we need to study the new amendments moved by the government. The devil is in the details,” Leader of the Opposition in the Rajya Sabha Ghulam Nabi Azad said.
The Bill was first introduced in the Rajya Sabha in 2008 and referred to the Standing Committee.
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