Updated: March 12, 2015 20:36 IST
Parliament tonight approved the NDA government’s first major economic
reform measure as the long-pending bill providing for raising foreign
investment cap to 49 per cent in insurance was passed by Rajya Sabha
after 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, was passed by voice vote
after walkout by Trinamool Congress and DMK.
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, NCP and BJD 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The original bill, which was brought by Congress in 2008, was withdrawn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.
Trinamool Congress and Left parties strongly opposed the measure. While
Trinamool, DMK as also SP, BSP and JD(U) 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 thousands of crores.
