New Delhi: The two-month-old Narendra Modi government is set to push its first big reforms; it is expected to introduce in Parliament today, the Insurance Amendment Bill and the Sebi Act, which seeks to provide more teeth to the market regulator.
The first major economic reform initiative of the Narendra Modi government, which proposes to hike FDI in insurance to 49 percent, has been caught in a logjam over Congress-led opposition’s insistence to refer the Bill to a Select Committee.
As per media reports, the Rajya Sabha is likely to refer the insurance amendment Bill to a select committee for further scrutiny before the current session of Parliament ends on 14 August. Government sources, however, said there was no forward movement on the Bill and one Minister remarked that there was no assurance on insurance.
Congress, which had supported a hike in FDI cap when it was in power, now wants the Bill to be referred to a Parliamentary Select Committee for threadbare examination of the issue since the government has brought some amendments.
Bureau report
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