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The Insurance Bill seeking to raise foreign direct investment cap from 26 per cent to 49 per cent has formally been put on the back burner.
The Government has not included this Bill in the list of Bills to be taken up for consideration during the last session of the 15th Lok Sabha.
Addressing a press conference, Finance Minister P Chidambaram said “In the Insurance Bill they (Opposition parties) have made it very clear they will not pass it (in the upcoming session).”
OppositionThe principal opposition party, BJP, and the Left are strongly against raising the limit.
This Bill cannot lapse as it was introduced in the Rajya Sabha on December 22, 2008.
The Standing Committee on Finance gave its report on the Bill in December 2011. Though the committee did not favour raising the FDI limit, the Cabinet approved raising the equity cap to 49 per cent from 26 per cent as part of official amendments to the Bill. Now, this needs nod from Parliament to be implemented.
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