Nirmala Sitharaman: Parliament Watch: Rajya Sabha clears Insurance Act tweak

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The Rajya Sabha on Thursday gave its nod to the Insurance (Amendment) Bill, 2021, which seeks to lift international direct funding within the sector to 74% from current 49%. “FDI limit not a compulsion, it sets only upper limit. Increasing limit doesn’t mean automatic foreign investment to that level to all companies. Every company will decide for themselves, whether they want that money, to what extent and so on,” 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 varied stakeholders on growing the FDI restrict. Sitharaman highlighted that insurance coverage corporations have been dealing with liquidity stress and that international funding will complement home long-term sources and additional insurance coverage penetration within the nation

Facing the regulation

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

Final supplementary
The Lok Sabha handed the second and ultimate batch of supplementary demand for grants for 2020-21 underneath which the federal government had sought extra expenditure of `6.28 lakh crore, of which the web money outgo is `4.12 lakh crore. The authorities intends to offer extra grant of `2.50 lakh crore to Food Corporation of India underneath National Food Security Act (NFSA), 2013 and for added allocation of meals grains underneath the Pradhan Mantri Garib Kalyan Anna Yojana, the Atmanirbhar Bharat Package and for reimbursement of NSSF mortgage to FCI.

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

Tech use in surveys
The authorities knowledgeable Rajya Sabha that technological interventions like ‘Computer Assisted Personal Interview’ (CAPI) has been launched to cut back the time lag between completion of subject work of survey and publication of outcomes. Further, the ministry of statistics and programme implementation is creating a General Survey Solution referred to as ‘e-Survey Instrument and Generalised Multimodal Application’ (e-SIGMA) and actual time validation that would cut back the time lag. The ministry is using handheld units similar to tablets for capturing knowledge within the surveys, statistics minister Rao Inderjit Singh stated.

Project Delays
As on February 1, 2021, out of 1,739 central sector initiatives, 539 initiatives are having time overrun and 209 initiatives are displaying each value overrun and time overrun, Parliament was knowledgeable Thursday. Of these 209 initiatives, 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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