Parliament Watch: Rajya Sabha clears Insurance coverage Act tweak

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The Rajya Sabha on Thursday gave its nod to the Insurance coverage (Modification) Invoice, 2021, which seeks to lift international direct investment within the sector to 74% from present 49%. “FDI restrict not a compulsion, it units solely higher restrict. Rising restrict doesn’t imply computerized international funding to that stage to all firms. Each firm will determine for themselves, whether or not they need that cash, to what extent and so forth,” finance minister Nirmala Sitharaman stated, winding up the dialogue within the higher home on the invoice.

The minister stated consultations have been held by the insurance coverage regulator, IRDAI, with numerous stakeholders on rising the FDI restrict. Sitharaman highlighted that insurance coverage firms have been going through liquidity stress and that international funding will complement home long-term sources and additional insurance coverage penetration within the nation

Dealing with the regulation

FM Sitharaman instructed the Rajya Sabha that fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi are “coming again to India to face the regulation”. Taking a jibe on the opposition events, Sitharaman quipped, “who gave them the cash, all of us know”.

Last supplementary
The Lok Sabha handed the second and last batch of supplementary demand for grants for 2020-21 beneath which the federal government had sought further expenditure of `6.28 lakh crore, of which the online money outgo is `4.12 lakh crore. The federal government intends to supply further grant of `2.50 lakh crore to Meals Company of India beneath Nationwide Meals Safety Act (NFSA), 2013 and for extra allocation of meals grains beneath the Pradhan Mantri Garib Kalyan Anna Yojana, the Atmanirbhar Bharat Package deal and for compensation of NSSF mortgage to FCI.

BICL Closure
The federal government knowledgeable Parliament that the proposal for closure of British India Company Ltd. (BICL) is within the superior stage. The company has been incurring losses since its nationalization within the 12 months 1981. “Owing to continuance of losses, BICL was referred to the Board for Industrial & Monetary Reconstruction (BIFR) in 1991 and was declared sick in 1992. The federal government accepted revival schemes in November, 2001, 2005 and 2011 additionally failed,” textiles minister Smriti Zubin Irani instructed Rajya Sabha.

Tech use in surveys
The federal government knowledgeable Rajya Sabha that technological interventions like ‘Pc Assisted Private Interview’ (CAPI) has been launched to cut back the time lag between completion of subject work of survey and publication of outcomes. Additional, the ministry of statistics and programme implementation is growing a Common Survey Answer referred to as ‘e-Survey Instrument and Generalised Multimodal Utility’ (e-SIGMA) and actual time validation that would scale back the time lag. The ministry is using handheld units comparable to tablets for capturing information within the surveys, statistics minister Rao Inderjit Singh stated.

Challenge Delays
As on February 1, 2021, out of 1,739 central sector tasks, 539 tasks are having time overrun and 209 tasks are exhibiting each value overrun and time overrun, Parliament was knowledgeable Thursday. Of those 209 tasks, 109 are in railways, 24 in roads, transport and highways sector, and 21 every in energy and petroleum.

Illustrations: Anirban Bora





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