The Congress has indicated that the Insurance Laws (Amendment) Bill, which envisages raising foreign direct investment in insurance companies from 26 per cent to 49 per cent, is not going to have an easy ride in the Rajya Sabha.
The party is likely to demand that the Bill be referred to the Select Committee, a process that could delay it by months.
Into details“We cannot be opposed in principle to a Bill that we propounded. But we need to look closely at the details,” Congress spokesperson Abhishek Manu Singhvi said.
The UPA government introduced the Bill in 2008, but the BJP, then in the Opposition, continuously blocked its passage. Now, while the BJP-led government is eager to pass the Bill and showcase it as a major reform initiative, the Congress appears in no hurry to oblige. The party plans to move a resolution seeking the select committee early next week, for which it is garnering political support.