Zee Media Bureau
New Delhi: Bowing to opposition pressure, the government has referred the controversial Insurance Bill to a Select Committee of Rajya Sabha, which will have 15 members.
The Select Committee has been asked to send its report on the bill by the last day of the first week of next session.
The government agreed to the opposition's demand amidst receding hopes of being able to convince it to support its first major economic reform initiative.
The major opposition parties had joined hands on the issue and demanded that the Insurance Bill be sent to a Select Committee.
The bill, which proposes to hike the FDI limit in insurance sector to 49 percent, has been caught in a logjam with the Congress-led opposition insisting that it be referred to a Select Committee.
The government is confident of getting the bill passed in Lok Sabha but is wary about Rajya Sabha, where the ruling NDA has fewer numbers.
Although the government earlier listed the bill in Rajya Sabha, it was deferred and, strategically, not listed later as consultations were carried on with various parties for their support.
With a view to gaining support, the government has made it clear that it is amenable to amendments in the bill.
With agency inputs
