The most awaited and discussed key economic reform bill Insurance Laws (Amendment) Bill-2008 may not be presented in the current session of the Parliament due to the Stiff opposition of 9 political parties, including the Congress.
Both sides seek to negotiate a deal where the government will agree for the bill to be sent to the Select Committee in exchange of an assurance for its passage at the beginning of the winter session.
According to the sources, the BJP-led NDA government has accepted the demand of the opposition for sending the bill to the Select Committee on the condition that the panel finishes its scrutiny in a time-bound manner and, more important, speedily enough for the bill to be brought to the Upper House of the Parliament at the beginning of the winter session of the Parliament.
Interestingly, the Insurance Laws (Amendment) Bill, which proposes to raise FDI (foreign direct investment) cap in insurance sector to 49 per cent from 26 per cent, was first introduced by the Congress-led UPA government in 2008, due to the opposition of the BJP.