Congress-led Opposition on Friday slammed the Modi government for rushing a Bill allowing an increase in foreign direct investment in the insurance sector from 49% to 74%, ignoring their demands for referring it to a parliamentary committee.
Addressing a press conference here with leaders of other Opposition parties, Congress veteran Mallikarjun Kharge claimed that the Insurance (Amendment) Bill had several discrepancies and accused the government of not allowing them to seek clarification on the legislation in the Rajya Sabha.
The Rajya Sabha, late Thursday night, passed the Insurance (Amendment) Bill after repeated adjournments and amid a walkout by Opposition members.
Kharge, the Leader of the Opposition in Rajya Sabha, claimed that the provisions in the Bill would allow foreign investors take ownership and control of insurance companies in the country after making investments in them.
“We wanted the bill to be referred to a standing committee,” he said. Kharge was flanked by Shiv Sena leader Anil Desai, Jharna Das Baidya (CPI-M), Fouzia Khan (NCP), Binoy Biswan (CPI), T K S Elangovan (DMK), Manoj Kumar Jha (RJD).
Kharge noted that the Insurance Act of 1938 was first amended during the tenure of Prime Minister Atal Bihari Vajpayee, who allowed 26% FDI in the sector.
“Later in 2015, the law was amended further to allow 49% FDI and now the amendment is for allowing 74%,” he added.
The opposition, including the CPI(M), NCP, RJD, Shiv Sena, SP and DMK had demanded that the Bill be referred to a standing committee.
Kharge alleged that the government had pushed the three farm Bills in Parliament last year without proper deliberation and forced the farmers to launch a long agitation to fight for their rights.
(Published 19 March 2021, 15:08 IST)
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