Parliament Proceedings | Rajya Sabha passes Insurance Amendment Bill to increase FDI limit to 74%

The Rajya Sabha on Wednesday passed the Insurance Amendment Bill 2021 that increases the maximum foreign investment allowed in an insurance company from 49% to 74%, amid criticism from the Opposition parties on the clause enabling “control and ownership” by foreign investors.

The Opposition parties unsuccessfully tried to stall the house demanding that the bill not be moved in a haste and instead be sent to a standing committee. They marched into the well of the House after Finance Minister Nirmala Sitharaman moved the Bill. The House was adjourned four times, between 2:30 p.m. and 3:30 p.m., as the impasse continued. The debate started at 3:30 p.m., when the Opposition relented reluctantly to have a debate instead of continuing with the protests slamming the government for its obduracy.