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10 years in making raising FDI cap in insurance

The committee scrutinising the Bill received an extension until Dec 12. SURABHI recalls key stages in the Bill’s journey in Parliament.

Finance Minister Arun Jaitley told Rajya Sabha on Tuesday that two members of the Select Committee, J P Nadda and Mukhtar Abbas Naqvi (left) had joined the Modi government and had been replaced by two new members, V P Singh Badnore and Rangasayee Ramakrishna, and “obviously, it (the committee) will need more time”.

Following the enactment of Insurance Regulatory and Development Authority Act, 1999, India’s insurance sector was opened up to private players and FDI up to 26 per cent in 2000. Successive governments have tried to raise the FDI ceiling. The committee scrutinising the Bill on Tuesday received an extension until December 12. SURABHI recalls key stages in the Bill’s journey in Parliament.

2004: In the Union Budget for 2004-05, the then finance minister P Chidambaram announces a plan to increase FDI in insurance to 49 per cent
2005: K P Narasimhan committee suggests amendments to insurance laws

Dec 2008: UPA government introduces the Insurance Laws (Amendment) Bill, 2008 in Rajya Sabha to raise FDI cap to 49 per cent. The Bill was referred to the Standing Committee on Finance

Sep 2009: After general elections, the Bill is once again referred to the Standing Committee, which was re-constituted

Dec 2011: Standing Committee led by former finance minister Yashwant Sinha submits report recommending that FDI limit in insurance should not be raised

Jul 2014: NDA government circulates fresh amendments to the Bill calling for composite foreign investment cap of up to 49 per cent

Aug 2014: The Bill is sent to the Select Committee of the Rajya Sabha for a re-look. The panel is expected to submit its report within the first week of the Winter Session. Finance minister Arun Jaitley says he is hopeful of its passage in Winter Session

Nov 2014: Report of the Select Committee looks set to be delayed after two of its members, BJP MPs Mukhtar Abbas Naqvi and J P Nadda, are sworn into the Council of Ministers

First uploaded on: 26-11-2014 at 01:09 IST

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