Parliamentary Affairs Minister M Venkaiah Naidu has appealed to the opposition parties for their cooperation in passing the ‘The Insurance Laws (Amendment) Bill, 2008 in the Rajya Sabha.
“I appeal to all opposition parties in the Parliament, particularly the Congress Party to cooperate in passing ‘The Insurance Laws (Amendment) Bill, 2008’ that seeks to enable the much desired capital inflows into the Insurance Sector. Penetration of insurance coverage in the country is being adversely impacted on account of inadequate investment. When the present NDA government has proposed taking up the said Insurance Bill for consideration in the Rajya Sabha, former Finance Minister P Chidambaram welcomed the same and sincerely hoped that the Bill will be passed in the current Budget Session of Parliament. I agree with his comment that ‘government is a continuing entity and each government should build on what has been accomplished by previous government’”, Venkaiah Naidu said
Venkaiah Naidu said that further Amendments proposed to the pending legislation on Insurance Sector were based on the recommendations of the Standing Committee which had spent considerable time discussing the Amendment Bill before making their recommendations. If the Congress Party and other parties want detailed discussion in Rajya Sabha on the contents of the proposed Amendment Bill, government would be happy to go along with this suggestion.
“I and Finance Minister Arun Jaitely desire to discuss this Bill tomorrow with leaders of Congress and other Opposition Parties so as to understand their concerns and address the same. In view of the above, I fervently appeal to Congress and other opposition parties to enable passing the proposed legislation for enabling 49% foreign investment in Insurance Sector, in this Budget Session of Parliament in the larger national interest. Spirit of constructive cooperation on issues of economic development needs to be the basis of Parliamentary democracy,” he said. (INN)