The Insurance Bill, which aims to raise the cap on foreign direct investment (FDI) in the insurance sector from 26 per cent to 49 per cent, is likely to be the only new item on the UPA government’s agenda for the Parliament session beginning tomorrow.
As the third phase of the monsoon session of Parliament will be a short one, the UPA leadership has decided not to press for several new Bills. Instead, it will spend time to pass the pending bills like the Unorganised Sector Workers’ Welfare Bill and the Limited Liabilities Bill. Amendments to the Land Acquisition Act and the Rehabilitation and Resettlement Policy, tabled in the Lok Sabha in 2007, are also among the top priorities of the government.
Government sources said that the fate of the new Bill on insurance would be decided at the Business Advisory Committee meeting on Wednesday. The government will go ahead only if the Opposition parties agree to spare time for the government to table the Bill. Parliament is scheduled to meet till December 23. But due to the death of former prime minister VP Singh last month, both Houses may be adjourned tomorrow.
