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  3. Govt defers plans to move Insurance bill in RS ; seeks consensus from opposition

Govt defers plans to move Insurance bill in RS ; seeks consensus from opposition

04 Aug 2014 Evaluate

In the wake of opposition by Congress and other major opposition parties, the government has deferred its plan to table the Insurance Bill in Parliament on Monday. Going by the latest move, the government apparently wants to build consensus before tabling its first major economic reform legislation for the consideration in Parliament. It is in lieu of this Parliamentary Affairs Minister M. Venkaiah Naidu said he and Finance Minister Arun Jaitley would hold talks with leaders of Congress and opposition parties to discuss various aspects of the bill that seeks to raise the FDI cap in the Insurance sector from 26% to 49%.

In preparation for what is expected to be a showdown, opposition parties, including the Congress, had signed a letter on Friday asking the chairman of the Rajya Sabha to refer 'the Insurance Laws (Amendment) Bill' to an all-party parliamentary panel called the select committee. Though, the BJP led government is not so apprehensive about the passage of bill in Lok Sabha, where it has a brute majority, it would need to do a lot of convincing for the bill to pass through the Rajya Sabha, where it needs the support of other parties.

The BJP and its partners have 64 members in the 250-member Upper House. The Congress has 69. Together the parties that have signed the resolution demanding that the bill be sent to a select committee have strength of 136 in the Rajya Sabha.

The opposition parties have alleged substantive changes in the Modi government's version of the Insurance Bill, which should be reviewed by the all-party parliamentary panel, however the government asserts this to remain as in fact a 'UPA bill' since it includes only 11 amendments proposed by the present government and 86 proposed by the previous Congress-led UPA government.

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