Parliament watch: FDI to unlock insurance potential; finance ministry talks about GST plans
Finance Minister Nirmala Sitharaman on Monday told the
Lok Sabha
that allowing 100% foreign direct investment (FDI) in insurance would unlock the full potential of the Indian insurance sector and enhance coverage.
"With the increase in FDI limit from 74% to 100% for insurance companies, the government aims to unlock the full potential of the sector, which is projected to grow at 7.1% annually over the next five years, outpacing global and emerging market growth," she said in a written reply. In the February Budget, the government had announced the FDI limit would be raised to 100% for companies that invest the entire premium in India.
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"This is an enabling provision that will allow interested insurers to explore hiking the FDI percentage," she said, adding it would eliminate the need for foreign players to find Indian partners for the remaining 26%, thereby easing entry and boosting insurer numbers.
"Removing the FDI cap will attract stable and sustained foreign investment, enhance competition, facilitate technology transfer, and improve insurance penetration," she added.
Smart meters for electricity installed
Maharashtra, Assam, Uttar Pradesh, Chhattisgarh, Bihar, and Madhya Pradesh are among the top states in smart meter installations, with over 20 lakh meters installed under the Revamped Distribution Sector Scheme (RDSS), Minister of State for Power Shripad Naik told the Rajya Sabha. Six states, including Delhi, Punjab, Tamil Nadu, and Kerala, have not reported any installations under the scheme. Of the 20.33 crore sanctioned smart meters under RDSS, 2.44 crore have been installed.
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No plan to revise 30% crypto tax
The government has no plan to revise the 30% tax on crypto gains or the 1% tax deducted at source on all crypto transactions, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha on Monday. In a written reply, he also ruled out any plan to introduce Exchange Traded Funds (ETFs) for virtual digital assets to integrate them into the mainstream financial ecosystem.
Rs 1,678 cr released under ADP till February
The finance ministry on Monday told Parliament that ₹1,678.04 crore has been released so far under the Aspirational Districts Programme till February 2025. Jharkhand received the highest allocation of ₹220 crore, followed by Bihar with ₹202 crore and Uttar Pradesh with ₹176 crore.
No GST rate cut on flex-fuel vehicles
The finance ministry on Monday informed Parliament that the GST Council had discussed a proposal to cut the tax rate on flex-fuel vehicles at its 52nd meeting, but no change was recommended. Minister of State for Finance Pankaj Chaudhary said the Ministry of Road Transport and Highways has urged all states and union territories to consider exempting or reducing road tax on flex-fuel vehicles to incentivise adoption.
Rely on quarterly GST numbers for economic indicator
The finance ministry told Parliament that quarterly comparison of net GST collections is a more accurate economic indicator than monthly comparisons, as it smooths short-term fluctuations. GST collections in June stood at ₹1.84 lakh crore, up 6.2% year-on-year.
Gujarat's 800 MW thermal plant likely by FY30
Gujarat's 800 MW Ukai thermal power project is expected to be commissioned by FY30, Minister of State for Power Shripad Naik told the Rajya Sabha. Around 328 GVA of additional transformation capacity-192 GVA under inter-state and 136 GVA under intra-state systems-is targeted by FY35. About 44,000 circuit km of transmission lines are also planned by the same period.
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