Parliament Watch: Rajya Sabha clears Insurance Act fine-tune

The Rajya Sabha on Thursday gave its nod to the Insurance coverage (Change) Bill, 2021, which seeks to raise foreign direct investment in the sector to 74% from existing 49%. “FDI limit not an obsession, it sets just upper limit. Increasing limitation doesn’t suggest automated foreign investment to that level to all companies. Every company will decide on their own, whether they want that money, to what degree and so on,” financing minister Nirmala Sitharaman stated, ending up the conversation in the upper house on the bill.The minister said assessments were held by the insurance coverage regulator, IRDAI, with different stakeholders on increasing the FDI limitation. Sitharaman highlighted that insurer were dealing with liquidity pressure and that foreign investment will supplement domestic long-lasting resources and additional insurance coverage penetration in the countryFM Sitharaman informed the Rajya Sabha that fugitive entrepreneurs Vijay Mallya Nirav Modi and Mehul Choksi are “coming back to India to face the law”. Taking a jibe at the opposition celebrations, Sitharaman quipped, “who gave them the money, everybody know”. The Lok Sabha passed the 2nd and last batch of supplemental need for grants for 2020-21 under which the federal government had looked for additional expenditure of ‘6.28 lakh crore, of which the net money outgo is ‘4.12 lakh crore. The federal government intends to offer extra grant of ‘2.50 lakh crore to Food Corporation of India under National Food Security Act (NFSA), 2013 and for additional allocation of food grains under the Pradhan Mantri Garib Kalyan Anna Yojana, the Atmanirbhar Bharat Package and for payment of NSSF loan to FCI.The government informed Parliament that the proposition for closure of British India Corporation Ltd. (BICL) is in the sophisticated stage. The corporation has actually been incurring losses since its nationalization in the year 1981. “Owing to continuation of losses, BICL was described the Board for Industrial & Financial Restoration (BIFR) in 1991 and was declared sick in 1992. The federal government approved revival plans in November, 2001, 2005 and 2011 likewise stopped working,” textiles minister Smriti Zubin Irani informed Rajya Sabha.The government notified Rajya Sabha that technological interventions like ‘Computer system Assisted Personal Interview’ (CAPI) has actually been introduced to lower the time lag in between completion of field work of study and publication of outcomes. Even more, the ministry of stats and program implementation is establishing a General Survey Option called ‘e-Survey Instrument and Generalised Multimodal Application’ (e-SIGMA) and real time validation that would minimize the time lag. The ministry is making use of portable devices such as tablets for capturing information in the surveys, data minister Rao Inderjit Singh said.As on February 1, 2021, out of 1,739 main sector tasks, 539 tasks are having time overrun and 209 projects are showing both cost overrun and time overrun, Parliament was informed Thursday. Of these 209 tasks, 109 remain in railways, 24 in roadways, transport and highways sector, and 21 each in power and petroleum.Illustrations: Anirban Bora

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