Business Standard

Parliament passes bill for privatisation of state-run general insurers

The General Insurance Business (Nationalisation) Amendment Bill, 2021, was passed by the Lok Sabha on August 2.

With the central bank halting monetary easing since mid-2020, citing high inflation, the onus is on Sitharaman to loosen the budget despite having meager resources to work with.

Press Trust of India New Delhi

A bill to allow privatisation of state-run general insurance companies received parliamentary assent on Wednesday after the Rajya Sabha passed it with a voice vote amid vociferous protest and tearing of papers by opposition parties.

The General Insurance Business (Nationalisation) Amendment Bill, 2021, was passed by a voice vote in the din in a matter of minutes, with Finance Minister Nirmala Sitharaman not replying to brief points raised by MPs.

Opposition parties from the TMC and the DMK to the Left parties opposed the bill and wanted it to be referred to a select committee but the motion was rejected by a voice vote leading to slogan-shouting by opposition members who stormed into the Well, tore papers and moved dangerously close to the presiding officer's chair.

 

Rajya Sabha personnel were deployed around the presiding officer and the house table to prevent a repeat of Tuesday's ugly scenes when some MPs had climbed on the table.

The General Insurance Business (Nationalisation) Amendment Bill, 2021, was passed by the Lok Sabha on August 2.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 11 2021 | 7:21 PM IST

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