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Cabinet approves Insurance bill; Rajya Sabha may take up next week

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10-insurance4.jpg FDI

After week-long disruptions, Parliament is back in business with two major flagship bills likely to pass the numerical test. For the government, a major victory is getting the Congress support to raise the FDI cap in the insurance bill. The government also succeeded in introducing the coal mines special provisions bill to replace the ordinance seeking to ensure transparent bidding process and continuity in the coal mining operations. But, it was not entirely smooth sailing for the government. In Rajya Sabha, the entire Opposition raised a furore over the alleged forced re-conversions of some Muslims by some Hindu groups in Agra.
It was a triumph for the government that the Select Committee, set up in the last session on the insistence of the Opposition, tabled its report in Rajya Sabha on Wednesday with a majority approving the proposal to raise the FDI cap to 49%. "The committee recommends that the composite cap of 49 per cent should be inclusive of all forms of FDI and foreign portfolio investments. The Committee is also of the view that incremental equity should ideally be used for expansion of capital base so as to actually strengthen the insurance sector," the report said. The bill is likely to be taken up in Parliament next week after the cabinet approval.

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