The FDI cap is currently 26% for the sector
This means that the bill in its current form is ready for tabling in Parliament next week. It has been a seven year journey for a bill that is part of last-mile financial legislation in India’s ongoing economic reform.
Because a select committee is a microcosm of parliamentary political opinion, the bill is anticipated to face minimum opposition in the two houses.
Dissent notes have been filed by the CPI (M) and other parties, but because the Congress backed the bill without reservations, it has sailed through the Select Committee and will face no opposition even in the Rajya Sabha where the government is not in majority.