Zee Media Bureau
New Delhi: The prospects of the Insurance Laws (Amendment) Bill being tabled in the Parliament have turned brighter. A Select Committee meet on FDI took place on Monday, wherein 11 members, out of the 15 members have said to have agreed to support the government's move.
This move comes days after the Congress Party indicated that differences between the ruling BJP and the principal opposition party have narrowed down.
The 15-member committee, headed by senior BJP member Chandan Mitra, is required to submit a final report by December 12
It is understood to have favoured raising the existing 26 percent cap on foreign direct investment (FDI) in the sector to 49 percent (including for portfolio investors).
The select committee has been given an extension till December 12. The committee will meet almost every day so that it can submit the report within the new deadline.
Congress sources said an agreement (with the BJP) was likely given the likelihood of the acceptance of its suggestion to keep FDI and FII separately defined so that the foreign money which came in did not breach the sectoral cap of 49 percent.
With Agency Inputs
