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Friday, August 6, 2021

Insurance (Amendment) Bill-2021 Passed in Rajya Sabha

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Amidst heavy protest the Rajya Sabha passed the Insurance (Amendment) Bill-2021. The opposition strongly protested the bill in the Upper House. The government has introduced the bill to raise the FDI limit to 74% in the county’s insurance sector. The Congress led opposition created the uproar. They also interrupted  proceedings of the house.

Opposing the bill, Leader of Opposition Mallikarjun Kharge said that the government has already increased FDI in the insurance sector to 49 percent. And now they are raising this limit to 74 percent through this bill. He demanded that the government must refer the Bill to the concerned Standing Committee. DMK’s T Siva also demanded that the standing committee.

Meanwhile, presenting the Insurance (Amendment) Bill in the Rajya Sabha, the Finance Minister said, “FDI limit is not mandatory, it only sets the upper limit. Raising the limit does not mean automatic foreign investment at the same level for all companies. Every company will decide on its own whether it wants the money and to what level.

Sitharaman said, so this amendment is only to allow that companies can get some money but it does not exceed 74%. Finance Minister Sitaraman said that the policyholders will only invest money in India. It cannot cross our borders.

The bill was introduced on 15 March

Congress member Shaktisinh Gohil, while objecting to the discussion on the bill, said that the members did not get enough time for this. However, Deputy Speaker Harivansh rejected his objection. Deputy Speaker said that the government introduced the bill in the House itself on March 15 and Members have got proper time. BJP member Bhupendra Yadav opposed the opposition’s demand, saying that it has already been considered in various committees including the standing committee.

Finance Minister presented bill for discussion

During the uproar, Finance Minister Nirmala Sitharaman put the Insurance (Amendment) Bill up for discussion. During this time some members came near the pedestal opposing the bill. In view of the uproar in the House, Deputy Chairman Harivansh adjourned the meeting for some time. However, as soon as the meeting started again, speaker adjourned it till three o’clock again.

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