The chairman of Parliamentary Standing Committee on Finance and former Union finance minister, Yashwant Sinha, on Thursday said that the Opposition is ready to work out a satisfactory solution with regard to the Insurance Laws (Amendment) Bill, if the government reached out to them.
"The Insurance Bill is unfortunately stuck on a single issue of whether 26% or 49% foreign direct investment (FDI) should be allowed. If the government reaches out to us, I am sure it is possible to find a very satisfactory and workable solution and this Bill, which has been held back for a long time, will pass muster,” Sinha said.
The Insurance Laws (Amendment) Bill, which seeks to raise the FDI cap in the private sector insurance companies to 49% from 26%, was expected to be raised during the winter session of the Parliament,but was deferred to the next season.
The Bill has been pending in the Rajya Sabha since December 2008. As part of economic reforms, the government is keen to pass the Bill, but BJP is for keeping the FDI ceiling in the sector at 26%.