New Delhi: The Insurance Bill, the NDA government's first major reform initiative proposing to raise the FDI cap in the sector to 49 percent, will be brought to the Rajya Sabha on Monday despite no clear commitment of support by Congress and reservations of some other parties.
Amid the government's hopes of easy passage of the controversial legislation, senior ministers are believed to be in touch with leaders of various opposition parties, including Congress, in view of the fact that BJP and its allies do not have a majority in the Upper House.
The much-delayed Bill, which was listed in the Rajya Sabha agenda on Thursday could not be taken up for discussion as the opposition wanted more time to go through the amendments, sources said.
As many as 97 amendments have been moved to the original bill and the government has circulated these among the members to enable them to study.
The Bill providing for raising the FDI cap in the insurance sector to 49 percent from 26 percent was given a nod by the Cabinet last week with a rider that management control will remain in the hands of Indian promoters.
Once approved by Parliament, it would help insurance firms to get much needed capital from overseas partners.
Parliamentary Affairs Minister M Venkaiah Naidu expressed the hope that the Bill will "go through".
Government sources said former Prime Minister Manmohan Singh and several Congress leaders favour passage of the Bill.
The Bill has come from the Standing Committee and therefore some amendments have been incorporated in the wake its recommendations, Naidu said, adding that all political parties have time till Monday to study the major bill.
Asked about reports that some Congress leaders want the Bill to be referred to the Select Committee, he said "I do not want to react as of now. No one has talked to me".
At the AICC briefing, party spokesperson Abhishek Singhvi said: "it is our proposal in principle. In principle, how can we oppose it."
At the same time, he added that the details of the Bill will matter as "devil lies in the details".
Some other parties like Left are opposed to it.
