Opposition forces Insurance Bill into Select Committee

The Insurance Bill has been sent to the Select Committee of the Rajya Sabha after the government was unable to garner the support of the opposition. The bill proposes to hike foreign direct investment in the insurance sector to 49 percent from 26 percent.

CPI (M) leader Sitaram Yechury expressed satisfaction over the move. "I am glad the bill has been sent to the select committee, where it will be debated on very seriously." He also added "When (senior BJP leader) Yashwant Sinha was the Finance Minister, he examined the bill and rejected it. We are merely repeating what he said."

Trinamool Congress (TMC) leader Derek O'Brein also welcomed the move. "This is a big day for TMC because like-minded parties have gotten together who are opposed to FDI in insurance because we feel it is bad for this country," he told ANI.

Likening the bill being sent to the select committee as "being sent to the third umpire", O'Brien added, "The government was very keen, and aggressively wanted to pass the bill. For the moment, the pause button has been pressed.