The government is seeking consensus on the bill from the opposition parties to ensure that there are no roadblocks in passing the bill.
Amidst protest against its move to raise the cap of FDI in insurance to 49% from trade union bodies and opposition members in Rajya Sabha, the government has deferred its plan to table the Insurance Bill in the Upper House on Monday.
According to media reports, Parliamentary Affair Minister Venkaiah Naidu said that the government plans to build consensus on the bill. He and Finance Minister Arun Jaitley will meet leaders of the opposition parties today, added reports. Naidu is reported to have said, “The government would be happy to hold discussions with Congress and other parties on this bill. I propose to meet the important Opposition leaders in Rajya Sabha tomorrow, along with Finance Minister Arun Jaitley. The government is willing to consider meaningful suggestions, if any, from opposition parties."
The BJP led NDA government is trying to push this bill in the current session of parliament which has been pending since 2008. In order to ensure the bill is passed smoothly in Lok Sabha where the BJP has majority, the government need to pass this bill in Rajya Sabha. Of 245 Rajya Sabha seats, the NDA has only 58 seats which may create difficulty for the government to pass this bill. The Congress led UPA has 92 seats in the Rajya Sabha.
However, in case of negative outcome, the BJP led NDA can hold a joint sitting of the two houses. Since the Lok Sabha has twice as many members as the Rajya Sabha, the former would normally hold the greater power. So far, only three such joint-sessions have been held.
Around 11 political parties like Congress, CPM, CPI, BSP, SP, Janata Dal United, RJD, DMK and Trinamool Congress have vehemently opposed the hike in FDI limit. The proposal of FDI hike was first introduced by the Congress led UPA government; however, they have started opposing this move alleging that the NDA government has made substantive changes in the Insurance Bill.
The government has proposed over 95 amendments in the bill. Majority of amendments were inherited from Congress led UPA government.
Media reports said that the government will table the Insurance Bill this week.
Meanwhile, the trade unions in the public sector insurance companies have gone on a strike on Monday to protest against the government's decision to raise the FDI cap in the sector.