While expressing confidence, Finance minister of India, Arun Jaitley, ensured that the insurance amendment bill will be passed in the forthcoming winter season. Amendment of the bill might lure the foreign direct investment, and take an upward curve which is essential for the growth of nation especially for developing country like India, Foreign direct investment is expected increase from 26 percent to 49 percent.
“I hope to get a positive report from the select committee…Insurance bill may be passed (in the coming session of Parliament),” Jaitley said. “Like all good things, this (Insurance Amendment Bill) will come to an end. I am hoping for a positive select Committee report. Moreover, I do hope to pass it this month,” he said.
This winter season of parliament will begin on November 24. Amendment in the insurance bill is likely to be the prime reason for the parliamentary session.
Earlier Congress presented the same bill when they were in power, but now they are opposing their own insurance bill. On ‘Why are they doing so’ P. Chidambaram said, “Perhaps the Congress party is doing tit for tat. It might not be the politically correct thing to do, but if they hung it up to dry for one year, may be some in the Congress party thought let them hang out to dry for four months.”
Chidambaram said the decision was taken to wait for the court verdict. “The decision was taken to wait for the Court verdict. These are the matters that do not come to the Cabinet. These are ideas that are discussed informally,” he said. “I think the idea as suggested and considered. I always believed it was a pretty simple decision rather than suffer any judgment and then try to work out consequent.”
On CAG report on 2G and other issues, Chidambaram said, “clearly …Hurt the Congress party. I think 2G could have been handled differently in the sense that the Prime Minister could have put his foot down and said I am sorry, I will not let you go forward with the first come first serve (FCFS) route. Or after licences had been granted, and issue was brought up, he could have said cancel licences without waiting for the judgement. It hurt us. My personal view was once this came out as a scandal of bandwidth allotment; the Government should have cancelled all the licences without waiting for the Supreme Court (judgement).”