LS clears 2 key bills; RS nod to FDI hike in insurance

The Mines and Mineral (Development and Regulation) Amendment Bill, passed by voice vote, is aimed to bring more transparency in the auction process and help boost employment in the sector.

The Lok Sabha on Friday cleared The Mines and Minerals (Development and Regulation) Amendment Bill, 2021 and the Constitution (Scheduled Castes) Order (Amendment) Bill, 2021 while the Upper House approved the amendments to the Insurance laws to allow up to 74% foreign direct investment (FDI) in the sector.

A view of Parliament House complex, in New Delhi (PTI Photo)

The Statement of Objects and Reasons of the Constitution (Scheduled Castes) Order (Amendment) Bill states that the Bill has been introduced to give effect to modifications proposed by the state of Tamil Nadu,” said a PRS legislative summary. The Supreme Court order amendments allow “the President to specify the Scheduled Castes (SCs) in various states and union territories. Further, it permits Parliament to modify this list of notified SCs.

The Mines and Mineral (Development and Regulation) Amendment Bill, passed by voice vote, is aimed to bring more transparency in the auction process and help boost employment in the sector. Union mines minister Pralhad Joshi claimed that 55 lakh direct and indirect employment would be generated due to the reforms.

The Rajya Sabha passed the Insurance Act amendments that will open the door further for FDI in insurance firms. Earlier, the cap of FDI in the insurance companies was 49% but it has been now increased to 74%.