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Sunday 3 November 2013

The government expects to be able to steer the insurance Bill through Parliament in the winter session















"Most parties, including the principal opposition have assured me of their support to it," finance minister P Chidambaram told reporters. He added that the government hoped to pass as many as 12 legislative Bills in the session, which would be the last full session before the 2014 Lok Sabha elections.

Chidambaram also expressed confidence that the worst may be over for the Indian economy. The minister made these comments after the stock markets closed at a lifetime high.

The insurance Bill which seeks to raise the foreign direct investment ceiling in the insurance sector to 49 per cent has been with the Rajya Sabha since 2008. The Cabinet had approved it again in October 2012. The standing committee on Finance had, however, suggested that the cap should be kept at 26 per cent. The government is now understood to be considering a proposal to raise the FDI cap to 49 per cent without an increase in voting rights. Passage of the Bill is expected to bring additional capital for the insurance sector, and help India finalise free trade pacts with the EU.

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