Cong indicates that it won't oppose passage of insurance bill

Congress today gave broad indications that it will not oppose passage of the contentious insurance bill, as its concerns have been addressed, but the party remained non-committal on whether the bill would be passed in this session itself.
The party also made it clear that it will not be issuing any whip to its members.
This is being done apparently to allow legroom for dissent if any to the measure within the party amid reports that the party has different opinions on the issue.
"There may not be a need," said party spokesperson Rajeev Gowda when asked whether the party could issue a whip to its members to be present in the House and support the bill that seeks to effect a hike in foreign investment limit in insurance sector to 49 per cent from the existing 26 per cent.

Though the Congress has come on board on this issue, a section believes that the party should not appear in a hurry for passing the bill (Insurance Laws (Amendment) Bill, 2008) and eschew from showing "extra eagerness".
The section believes that the government is to keen to pass the bill before the arrival of US President Barrack Obama, who is coming here to attend the Republic Day parade.

Asked whether the bill will become a reality next week or in this session, Gowda said,"it does not depend on us. Passing the bill is not our responsibility. It is the government's job. It depends on many factors like how does the House run....What happens in the House we cannot predict"

At the AICC briefing, Gowda said that the party expects to have a discussion on it when the bill comes to the House and added that the party will not be found wanting from "fighting in the forefront" when it comes to issues of public welfare.
He also said that the report of the Select Committee tabled in Rajya Sabha shows that the amendments given by the Congress have been accepted.
The Parliamentary panel in its reports has incorporated Congress party's suggestion of a composite cap on overseas investments.
"The Committee recommends that the composite cap of 49 per cent should be inclusive of all forms of foreign direct investment and foreign portfolio investments," the report said.

With the Congress, which has been pressing for a composite cap, pacified, the government is likely to bring the bill for consideration of the Upper House as early as the next week.
The Congress support for the Insurance Laws (Amendment) Bill, 2008, is crucial as the ruling NDA does not have majority in the Upper House.