Parliament tonight approved the NDA government's first major economic reform measure as the long-pending bill providing for raising foreign investment cap in insurance was passed by Rajya Sabha after main Opposition Congress and some other parties came on board.
The controversial Insurance Laws (Amendment) Bill, 2015, which replaced an ordinance promulgated in December last year, was passed by voice vote after walkout by Trinamool Congress and DMK.
The smooth sailing of the bill in the Upper House, where the ruling NDA is in a minority, was possible with the help of Opposition parties like Congress, AIADMK, the Nationalist Congress Party and Biju Janata Dal besides allies Shiv Sena and Akali Dal.
The original bill, which was brought by Congress in 2008, was withdrawn and the new bill was passed after a debate of about two-and-a-half hours.
The bill, which was passed by Lok Sabha on March 4, provides for raising the foreign investment cap in insurance sector from 26 per cent 49 per cent and is expected to bring in funds to the tune of thousands of crores.
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