National

Cabinet clears Ordinances to push reforms in Coal, Insurance Sectors

New Delhi, Dec 24: In a significant development, the Union Cabinet on Wednesday cleared the ordinances to push reforms in the coal and insurance sectors after failing to pass the bills during the winter session of the parliament that ended yesterday.

The bills could not be produced in the Rajya Sabha as the united opposition created uproar over the issues including religious conversions and disrupted the proceedings.

Last week, Finance Minister Arun Jaitley said that the government is determined to go ahead with the insurance sector reforms and will not allow a Parliamentary disturbance to obstruct or delay a reform of this kind.

The Coal bill, which had been unanimously passed by the Lok Sabha, was not allowed to come on the agenda of the Upper House.

The Insurance Bill, which has been pending since 2008 in the Rajya Sabha, seeks to increase the composite foreign investment limit in insurance companies to 49 per cent from current level of 26 per cent. The 49 per cent cap would include both FDI and foreign portfolio investments.
   
The passage of Coal Bill is essential as it would pave way for auctioning of coal mines which were cancelled by the Supreme Court.

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