(Image source from: Congress' nod to insurance bill in select committee: sources})

New Delhi: Narendra Modi government's reform process got support from the Congress to the Insurance Bill in the Select Committee, said sources. The government has proposed to increase foreign direct investment from 26 per cent to 49 per cent in the insurance sector.

Where as Left parties, Janata Dal United, Trinamool Congress and Samajwadi Party are likely to give a no or dissent note. then, passage of the Bill will not be smooth. Because the ruling NDA does not have clear majority in Rajya sabha. The Committee is likely to table its report in Rajya Sabha on December 10 and the bill could possibly be taken up for consideration next week.

"The Finance Minister expressed his sense of satisfaction as the Parliamentary Select Committee has given its recommendations with regard to the Insurance Amendment Bill referred to it," an official statement said.

The panel's chairman Chandan Mitra said: "The draft report on the Insurance Bill was adopted by the Select Committee. We will table it in the Rajya Sabha on December 10 and the members will be given time till Wednesday evening to submit their dissent notes, if any”.

The bill was initially introduced by Congress-led UPA government in the Rajya Sabha.

The Select Committee was set up in August by the Rajya Sabha to scrutinise the Insurance Laws. The 15-member panel was asked to submit its final report by December 12 to Rajya Sabha.

AW: kannamsai