The Bill to hike the foreign direct investment (FDI) limit in the insurance sector to 74 per cent provides adequate safeguards so that control, ownership, and money collected from policyholders stays within the country, Finance Minister Nirmala Sitharaman told Parliament.
Insurance is a highly regulated sector where every product, its pricing, investment and marketing is regulated in the country, Sitharaman said in response to a debate on the Bill in the Rajya Sabha. The Bill was later passed by the Upper House.
The decision to increase the FDI limit from the current 49 per cent was taken after the sector's regulator Insurance Regulatory and Development Authority of India (IRDAI) held detailed consultations with stakeholders.
The Bill provides that no insurer shall, directly or indirectly, invest policyholders' funds outside India. Indian companies that have foreign investment will also be required to retain a specific percentage of profits as a general reserve.
Mar 17, 2021
Rajya Sabha passes National Commission for Allied & Healthcare Professions Bill, 2020
The Rajya Sabha today passed the National Commission for Allied and Healthcare Professions Bill, 2020. The Bill seeks to regulate and standardise the education and practice of allied and healthcare professionals.
It defines 'allied health professional' as an associate, technician, or technologist trained to support the diagnosis and treatment of any illness, disease and injury.
The Bill has a provision to set up the National Commission for Allied and Healthcare Professions. Under the legislation, a provision has been made that no person is allowed to practice as a qualified allied and healthcare practitioner other than those enrolled in a State Register or the National Register.
Mar 16, 2021
Rajya Sabha Passes Bill to Declare 2 Food Tech Institutes as National Ones
The Rajya Sabha approved a Bill that declares two food technology institutes at Kundli in Haryana and Thanjavur in Tamil Nadu as National Institutes of Food Technology, Entrepreneurship and Management.
The Bill makes the National Institute of Food Technology Entrepreneurship and Management, Kundli, and the Indian Institute of Food Processing Technology, Thanjavur, national institutes.
This Bill was introduced in the Rajya Sabha in February 2019. Thereafter, it was referred to the Standing Committee. There were certain amendments there that were approved by the Cabinet.
Bill in Lok Sabha to Give Delhi L-G more Power
The Union government introduced a bill in Parliament that seeks to give overarching powers over Delhi's daily functions to the Centre-appointed Lieutenant Governor (L-G). The bill has prompted protests from the Delhi government and revived the power tussle for control of the Capital.
Union minister of state for home G Kishan Reddy introduced the Government of National Capital Territory of Delhi (Amendment) Bill, 2021, in the Lower House, where the government has a comfortable majority.
The bill says the "government" in Delhi will mean the L-G in the context of all legislation passed by the city-state's assembly.
It makes it mandatory for the city government to seek the L-G's opinion before any executive action.
Mar 15, 2021
Jharkhand Approved to Reserve 75 per cent of Jobs
The Jharkhand cabinet has approved the employment policy of mandating the private sector units to reserve 75 per cent of jobs, with the salary up to Rs. 30,000 per month, for local people. Before Jharkhand, Haryana government had also approved a similar policy.
This new policy mandating 75% reservation will be announced by the Chief Minister Hemant Soren in the Assembly session. This decision was taken by CM after he visited Delhi to discuss the draft Jharkhand Industrial & Investment Promotion Policy, 2021.
The unemployment rate in the Jharkhand had gradually fell to 11.3 per cent in the month of January 2021. The economic survey report also states that, the unemployment rate was increased to 59.2% in the month of May 2020 when the Covid-19 pandemic cases were at the peak. The unemployment rate was 10.6% in the month of January 2020.
Government Launches 'Mera Ration' App
Union Ministry of Consumer Affairs, Food and Public Distribution launched "Mera Ration" Mobile App for those ration cardholders who migrate to new places in search of livelihood.
Currently, 32 States and Union Territories are covered under One Nation One Ration Card (ONORC) and the remaining four States and UTs are expected to be integrated into the scheme in the next few months.
The One Nation One Ration Card system covers almost 69 crore National Food Security Act (NFSA) beneficiaries in the country. The scheme has proven to be of tremendous value-added service to each NFSA beneficiary during the COVID-19 pandemic, especially migrants, as it allowed them to avail the benefit of subsidised food grains.
Mar 13, 2021
Delhi to Launch Doorstep Ration Delivery Scheme
The Delhi government is prepared to launch its flagship doorstep ration delivery scheme with a limited number of households in Seemapuri from March 25.
The 'Mukhya Mantri Ghar Ghar Ration Yojna' for doorstep delivery of rations will be launched by Chief Minister Arvind Kejriwal.
The scheme will initially involve 100 households in Seemapuri.
It will be expanded to cover all eligible households in Seemapuri and other areas from April.
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