Union Finance Minister Nirmala Sitharaman will move the Insurance (Amendment) Bill 2021 in Rajya Sabha for passing on Thursday.

Union Ministers Ravi Shankar Prasad and Nitin Gadkari will make statements on eligibility in reserved constituencies and vehicles scrapping policy respectively.  The upper house will also discuss the working of the ministries of agriculture, farmer welfare and rural development.

The Insurance (Amendment) Bill 2021 seeks to amend the Insurance Act to herald for 74 per cent foreign direct investment (FDI) in the sector.

The Finance Minister introduced the Bill in Rajya Sabha on March 15. She introduced the Bill for amendments in the Insurance Act, 1938. The Union Cabinet on Wednesday had given its nod for amendments in the Insurance Amendment Bill 2021.

Currently, the permissible FDI limit in life and general insurance stands at 49 percent with ownership and management control with Indians.

On March 17, the Opposition targeted the Centre over its handling of the pandemic while accusing it of absolving China from its blame for the spread of the coronavirus, during a discussion over Demands For Grants for the Ministry of Health and Family Welfare in the Lok Sabha on Wednesday. However, the government said that its handling of the pandemic has made the country self-reliant and “future ready”.

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