Govt confident of passing insurance bill in next session:Naidu

Expressing confidence of passing the Insurance bill in the next session of Parliament, Parliamentary Affairs Minister Venkaiah Naidu today said if there are any obstacles, government has other avenues to pass it as per the Constitution.
"Insurance sector - why we are asking for this thing (FDI) is because we need investment, the investment is not sufficient which is available in India. There were certain concerns expressed by the opposition so we referred the bill to Select Committee and the committee made its recommendation, but unfortunately some of our opposition friends started blocking it in Rajya Sabha," Naidu said.
Speaking at an event organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), he said "So we could not pass the bill, that's why the Cabinet today decided to issue an ordinance for insurance bill and we are committed to bringing this insurance bill.

"I am confident it will be approved in the next session of the Parliament, if there are obstacles we have other avenues as per the Constitution. I don't want to say anything, otherwise my opposition friends will say you are trying to threaten us..." he said.
"But I am not threatening, I am only reminding about the factual position as far as the Constitution is concerned. If one House rejects, and other House accepts, both houses can sit together and move forward - that facility is there and we have comfortable majority if both houses are put together," Naidu added.

Government today approved promulgation of an Ordinance to hike Foreign Direct Investment (FDI) cap in the insurance sector to 49 per cent from 26 per cent, as the legislation could not be passed in the winter session of Parliament that ended yesterday.