Union Finance Minister ArunJaitley has expressed hope
that Parliament will pass the Insurance Bill for raising the foreign direct
investment (FDI) limit to 49 per cent by the end of this year, the first
major economic reform proposed by the NarendraModi Government.
The UPA Government had originally proposed raising the
FDI cap back in 2008 when it introduced the Insurance Laws (Amendment) Bill.
However, opposition from political parties, including the BJP, did not allow
the Bill to be taken up in the RajyaSabha.
The Modi Government introduced a fresh Insurance Laws
(Amendment) Bill in Parliament earlier this month. It proposes a rider that
management control rests in the hands of an Indian promoter alongside the
eased FDI cap.
After the introduction of the Bill, the government moved
97 amendments because of which it could not be passed.