Image Source : PTI/FILE

The finance minister within the Budget 2021-22 had introduced a big-ticket privatization agenda which included two public sector banks and one normal insurance coverage firm.


A invoice to permit privatization of state-run normal insurance coverage firms acquired parliamentary assent on Wednesday after Rajya Sabha handed it with a voice vote amid tearing of papers and vociferous protest by opposition events. The General Insurance Business (Nationalisation) Amendment Bill, 2021 was handed by the Lok Sabha on August 2.

The higher home handed the laws with a voice vote within the din, in a matter of minutes, with Finance Minister Nirmala Sitharaman not replying to factors raised by MPs briefly.

Opposition members from TMC to DMK to Left events opposed the invoice and a few needed it to be referred to a choose committee however the movement was rejected by a voice vote after which they indulged in slogan-shouting, stormed into the effectively, tore papers and moved dangerously near the presiding officer’s chair.

Rajya Sabha personnel have been deployed across the presiding officer and the home desk to stop repeat of Tuesday’s ugly scenes when some MPs had climbed on the desk.

The invoice was taken within the higher home quickly after it handed the Constitutional modification invoice concerning OBC listing. The Constitution modification invoice was handed after an almost five-hour dialogue in an amicable settings within the House, which in any other case had witnessed disruptions for the reason that begin of the monsoon session on July 19.

However, moods modified quickly after the passage of the OBC associated invoice, and Opposition returned to the Well of the House resulting in a quick adjournment. The chair was compelled to adjourn the proceedings as opposition stored elevating slogans and threw papers within the air.

When the House re-assembled at 6.26 pm, some MPs spoke briefly on the insurance coverage invoice amid uproar, whereas audio system from the opposition benches selected to not. In the in the meantime, Tiruchi Siva (DMK) moved a movement to ship the invoice to a choose committee of the Rajya Sabha, but it surely was rejected by a voice-vote.

The invoice was handed amid the ruckus even because the Finance Minister didn’t dwell on the invoice. According to the assertion of objects and causes of the overall insurance coverage modification invoice, it seeks to take away the requirement that the central authorities ought to maintain not lower than 51 per cent of the fairness capital in a specified insurer.

To present for larger personal participation within the public sector insurance coverage firms, improve insurance coverage penetration and social safety, higher safe the pursuits of policyholders and contribute to quicker development of the financial system, it has develop into essential to amend sure provisions of the act, in keeping with the invoice.

The finance minister within the Budget 2021-22 had introduced a big-ticket privatization agenda which included two public sector banks and one normal insurance coverage firm.

There are 4 normal insurance coverage firms within the public sector – National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and the United India Insurance Company Limited. 

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