Passage of Insurance bill is in the country's interest: BJP

After the passage of all-important Insurance bill by Parliament on Thursday night, Government said it is a step in the interest of the country's progress and will help strengthen the economy.

"It is a step in the right direction. This is a bill which is in the interest of the nation," Union Minister Mukhtar Abbas Naqvi said.

He said the Insurance bill is a reform initiative that is in the interest of the country's progress and all important parties have helped support it.

"It is an important step of the government that will further strengthen the process of reforms initiated by Narendra modi-led regime in taking the country to further progress," he said.

Parliament tonight approved the NDA government's first major economic reform measure as the long-pending bill providing for raising foreign investment cap to 49 per cent in insurance was passed by Rajya Sabha after main opposition Congress and some other parties came on board.

The Insurance Laws (Amendment) Bill, 2015, which replaced an ordinance promulgated in December last, was passed by voice vote after walkout by Trinamool Congress and DMK.

The smooth sailing of the bill in the Upper House, where the ruling NDA is in a minority, was possible with the help of opposition parties like Congress, AIADMK, NCP and BJD besides allies Shiv Sena and Akali Dal.