Latest news with #BaijayantPanda
Mint
11-06-2025
- Business
- Mint
Reform push: Insurance amendment bill heads to Parliament; changes to IBC, Companies Act will have to wait
NEW DELHI : The Insurance Laws (Amendment) Bill, proposing sweeping reforms such as 100% foreign direct investment (FDI) and composite licensing, is likely to be tabled in the Monsoon Session of Parliament in July, three people aware of the plan said. However, amendments to clarify the Insolvency and Bankruptcy Code (IBC), 2016, and changes to the Companies Act, 2023, are unlikely to make it to the coming session, the people said on the condition of anonymity. The Centre is also awaiting a Parliament select committee's views on the new Income Tax Bill, 2025, meant to simplify direct tax laws, expected in July, so that it can be introduced in the Winter Session of Parliament towards the end of November or early December, said one of the three people quoted above. The select committee, led by the Bharatiya Janata Party's (BJP's) Baijayant Panda, is expected to give its report on the first day of the monsoon session, likely to begin on 21 July. Insurance reforms The insurance amendment bill was slated for introduction in the Budget session, but got delayed as the finance ministry sought to add provisions on 100% FDI and the ease of operational considerations for foreign investors, requiring fresh vetting by the law ministry before cabinet approval. 'Several provisions of the bill required time for regulatory and industry readiness. It has now been finalized," the second person said, adding that the cabinet approval could come soon. The bill focuses on ensuring clarity and preparedness, said the third person. It will revise three key legislations—the Insurance Act, 1938, Life Insurance Corporation (LIC) Act, 1956, and the Insurance Regulatory and Development Authority (IRDA) Act, 1999—paving the way for greater autonomy for the insurance regulator and the LIC for appointments, office setup, and staffing. The comprehensive legislative structure will eliminate the need for future amendments to the LIC Act and related laws to enable composite licensing. Also read | To curb mis-selling, finance ministry tells lenders to stop incentives on insurance The bill proposes composite insurance licences with a higher capital threshold of ₹150 crore while retaining existing capital norms for insurance and reinsurance at ₹100 crore and ₹200 crore, respectively. A composite licence, already allowed in Singapore, Malaysia, and the UK, will allow a single insurer to offer both life and non-life products, currently permitted only through separate entities. Besides allowing 100% FDI, the bill simplifies operating conditions for foreign reinsurers by slashing the net-owned fund requirement from ₹5,000 crore to ₹1,000 crore. Queries emailed to spokespersons for the ministry of finance and corporate affairs on Tuesday remained unanswered. Experts believe the bill will deepen insurers' reach in underserved rural and semi-urban areas, making insurance more accessible with tailored, affordable products. It will also enhance firms' risk management capacity, speed up tech adoption, and grow their customer base, leading to a strong foundation for long-term sectoral growth. However, some industry executives have their reservations. Also read | The health insurance puzzle: 83% Indians aware but only 19% covered 'The reforms are well-intentioned. Well thought-out? Perhaps not. A 100% FDI for insurers will be welcome, but how many will bite remains to be seen. Even now, many foreign partners in joint ventures have not touched the current permissible 74%," said Balasundaram, secretary general, Insurance Brokers Association of India. 'As for composite licences, it is an uncharted area in India, and the outcomes are not easy to predict. Capital for serious insurers has never been an issue; so, the lowering of the minimum requirement does not really add value," he added. He said ease of operations for foreign entities sounds good on paper, but implementation and market conditions will decide whether it will work or not. In short, outcomes remain an act of crystal gazing as of now. Since 2000, when the insurance sector was opened to private players by gradually raising FDI limits from 26% to 74%, it has seen robust growth. Between 2014 and January 2024, while the number of insurers rose from 53 to 70, insurance penetration grew from 3.9% to 4%, and insurance density nearly doubled from $52 to $92. A flat 4% insurance penetration against the global average of 7% "means that while the insurance sector has expanded, the expansion has been in line with the broader economy and has not really outpaced it, which you would expect a sunrise sector to", said Narendra Ganpule, partner and national financial services advisory leader, professional services firm Grant Thornton Bharat. 'The need of the hour is revolutionary changes, which is what the bill attempts to bring about to propel India to achieve its espoused vision of 'Insurance for all by 2047'," he added. Also read | Heath insurance in India ought to cover preventive care as well Pavanjit Singh Dhingra, joint managing director, Prudent Insurance Brokers, echoed his views, saying the proposed changes will help attract the required capital, greater focus, and a wider distribution network, all of which are critical to deepening insurance penetration, especially in underserved and rural markets. The draft bill also empowers the insurance regulator to set relaxed licensing and capital requirements for smaller insurers or single-product entities, replacing the fixed capital clause with a more flexible, consultative framework. It introduces a differential licensing regime to support micro and niche insurers—with a minimum capital of ₹50 crore on a case-by-case basis—in serving low-income and rural populations. It also paves the way for captive insurers, allowing conglomerates to establish in-house insurers to manage group-level risks. In an earlier conference, M. Nagaraju, financial services secretary, had said the new insurance laws would attract global investors, foster competition, enhance product quality, improve customer service, and lower premiums, bringing India on par with economies like Canada, Brazil, Australia, and China. But C.R. Vijayan, former secretary general of the General Insurance Council, a representative body of general insurers, said though the reform measures signal a liberal investment climate, investors will judge it by the sector's long-term returns over a decade or more. 'Long-term returns entail higher risk for investors, especially given the potential impact of a change in government and its implications on investment policies." Corporate reforms While the IBC amendments under discussion mainly seek to clarify legislative provisions in light of certain judicial pronouncements and to make the law more efficient, the proposed Companies Act amendments are based on an expert committee's suggestions for modifying the regulatory framework for statutory auditors and improving the ease of doing business. Bankruptcy law experts said that while further legislative streamlining of the IBC is awaited, all stakeholders should strive for timely decision-making and ensure the sanctity of the debt resolution process. Also read | Indian insurtech startups look overseas as AI reshapes global insurance 'The stakeholders need to develop and follow the right practices in insolvency resolution processes. The regulatory authorities should honour the IBC principles and should not leverage their position as a regulator to recover the dues during the moratorium period," said Anoop Rawat, partner (Insolvency and Bankruptcy) at law firm Shardul Amarchand Mangaldas & Co.
India Gazette
10-06-2025
- Politics
- India Gazette
"Pakistan lost on battlefield, diplomatic front...": BJP MP Nishikant Dubey
New Delhi [India], June 10 (ANI): BJP MP Nishikant Dubey, who was part of a delegation led by senior party leader Baijayant Panda, took aim at Pakistan and stated that the country has suffered setbacks both on the battlefield and in the diplomatic front, implying that it has faced repeated defeats--not only in its military confrontations but also in its efforts to gather international support. 'Pakistan has lost on the battlefield and diplomatic front,' Dubey said, pointing to the country's diminishing support among traditionally close allies. Speaking to ANI about the all-party delegation visit, Nishikant Dubey said, 'Prime Minister Narendra Modi and the central government decided that seven all-party delegations would travel to key partner countries to convey India's message of zero tolerance against terrorism following the Pahalgam terror attack and Operation Sindoor. Our delegation visited Saudi Arabia, Bahrain, Kuwait and Algeria under the leadership of BJP MP Baijayant Panda.' The BJP MP said, 'Saudi Arabia is against terrorism. It is following the policy of zero tolerance. I am reiterating that Pakistan has lost on the battlefield and the diplomatic front. It is troubled on the diplomatic front, which is also why the Pakistani Prime Minister Shahbaz Sharif had to visit Saudi Arabia.' Dubey also spoke about Operation Sindoor and said, 'After Operation Sindoor was launched, PM Modi gave a free hand to the armed forces to retaliate against the terrorists in response to the terror attack in Pahalgam on April 22. We had 'Made in India' weapons such as the BrahMos and Akash missiles in India. We targeted terrorist bases in Pakistan. We saw how the Pakistani army attended funerals of the terrorists, reflecting that their military and terrorists were the same. We clarified that trade and blood cannot go together.' Asked about India's cessation of hostilities with Pakistan, Nishikant Dubey said, 'India does not want to go towards war. India is the country of Lord Buddha and Mahatma Gandhi, but this does not mean that we are weak. We have shown the world that we are not only the fourth largest economy today, but we are also very strong strategically.' '..If Pakistan does not agree now, then there will be no talks with anyone, there will be a direct countries are united against the issue of terrorism,' Dubey said. The all-party delegation led by BJP MP Baijayant Panda concluded its four-country visit and returned to India on June 2. The delegation, led by Panda, includes BJP MPs Nishikant Dubey, Phangnon Konyak and Rekha Sharma; AIMIM MP Asaduddin Owaisi; Satnam Singh Sandhu and Ghulam Nabi Azad; and former Foreign Secretary Harsh Vardhan Shringla. The delegation, during their visit, briefed the international partners on India's response to the April 22 Pahalgam terror attack and Operation Sindoor, its broader fight against cross-border terrorism, while engaging with leaders in Saudi Arabia, Kuwait, Bahrain, and Algeria. Earlier, Panda said that India's appeal to place Pakistan back on the Financial Action Task Force (FATF) grey list is gaining significant resonance globally, emphasising the role of illicit financing in fuelling terrorism. Panda highlighted Pakistan's misuse of funds for terrorism and its military, noting that the other Islamic countries had taken a strong stand against any kind of fundamentalism in their country. 'Pakistan is not interested in improving itself or helping its people. They have diverted the money for terrorism and its army and looted it. Two things fuel terrorism. One is ideology and the other is illicit finance... Ideology-wise, these Islamic countries have taken a strong stand... They do not permit any kind of fundamentalism from their soil... Financing part is the other aspect,' Panda stated. 'Pakistan, for many years, was under FATF, which monitored the legitimate use of funding, and thus there was a period of lull in terrorism... For the last couple of years, they have been released from the grey list, and now they are operating freely... Our appeal to them that Pakistan should be kept on the FATF grey list is getting a lot of resonance. The world is committed to not tolerating terrorism anymore,' he added. Greylisting Pakistan by the FATF will limit its access to international loans. Pakistan was included in the grey list in 2018 and removed from it in 2022. India has stated that it will leave no stone unturned to bring Pakistan onto the grey list again. (ANI)
India.com
08-06-2025
- Politics
- India.com
Pakistan Like Emperor That Has No Clothes: BJP MP Baijayant Panda
New Delhi: Bharatiya Janata Party (BJP) Lok Sabha MP Baijayant Panda, who led an all-party parliamentary delegation in four countries, on Thursday cornered Pakistan over the Islamic nation's continous support to terrorism. Panda labelled Pakistan as "an emperor that has no clothes". The delegation led by Panda visited Saudi Arabia, Kuwait, Bahrain, and Algeria. It included members Nishikant Dubey (BJP), Phangnon Konyak (BJP), Rekha Sharma (BJP), Asaduddin Owaisi (All India Majlis-e-Ittehadul Muslimeen), Satnam Singh Sandhu, Ghulam Nabi Azad, and Harsh Shringla. "Pakistan is like the emperor that has no clothes. It's pretty shameless, but everybody knows what it is," Panda said in an interview with India Today. The delegations were sent to 33 countries following Operation Sindoor against terror sites located in Pakistan and Pakistan Occupied Kashmir. The Operation Sindoor was launched on May 6-7 to avenge the killings of 26 civilians by terrorists in Jammu and Kashmir's Pahalgam on April 22. Talking about the countries visited by the parliamentary delegation and their bilateral relationship with Pakistan, Panda informed that even though these are Islamic nations, their paths are not the same as that of Pakistan since all four countries, including Saudi Arabia, Kuwait, Bahrain, and Algeria, have taken "strong" action against "jihadism". Contrary to actions taken by these countries, the BJP MP said, Pakistan has gone in the opposite direction, encouraging jihadis and fundamentalist elements. "Keep in mind that over the last couple of decades, you know, these are all Islamic countries, but their path and Pakistan's path have diverged quite a bit. All these four countries have taken very strong actions against jihadism and Salafist elements, and they have rubbed them out from operating on their soil," Panda said. "Pakistan has gone in the opposite direction. It continues to encourage jihadis and fundamentalist elements. This is why there is a divergence in their relationship with Pakistan," he added. Highlighting the financial assistance provided to Pakistan by these countries, Panda argued that they have witnessed the aid being misused. He said that Pakistan has used the aid to finance terrorism instead of working for development. "Some of these countries have helped Pakistan financially in the past years, and they have seen that the aid has been misused. Now, these countries have developed their schools, roads, colleges and hospitals. But Pakistan has taken their money and, instead of using it for the same purpose, has used it to finance terrorism," he said, adding, "These are things that they are very unhappy about, and they did make it very clear to us that they stand with us." Furthermore, Panda said that the four Islamic nations perceive India and Pakistan in entirely different ways, categorising the neighbouring country as a "problem child" who abstains from becoming normal and has "misused the support".
Time of India
07-06-2025
- Politics
- Time of India
‘Pakistan is the emperor with no clothes,' says BJP MP Baijayant Panda after all-party delegation's Middle East visit, claims countries now ‘stand with us'
File photo: BJP MP Baijayant Panda (Picture credit: ANI) NEW DELHI: BJP Lok Sabha MP Baijayant Jay Panda, who led an all-party parliamentary delegation to four Islamic nations, launched a sharp critique of Pakistan's global image, calling it "an emperor that has no clothes" in an interview with India Today, as cited by news agency ANI. His comments came after the delegation's visit to Saudi Arabia, Kuwait, Bahrain, and Algeria, where he said India received a 'phenomenal reception' and found a shared stance with these countries against terrorism. "Pakistan is like the emperor that has no clothes. It's pretty shameless, but everybody knows what it is," Panda said. He claimed that while the four nations are Islamic, they have diverged sharply from Pakistan by cracking down on jihadist and Salafist elements. "All these four countries have taken very strong actions against jihadism... Pakistan has gone in the opposite direction," he said, adding that Islamabad continues to encourage fundamentalism and misuse aid meant for development. Panda further said these countries are frustrated with Pakistan's use of financial assistance. "They have seen that the aid has been misused... instead of developing schools, roads, and hospitals, Pakistan has used it to finance terrorism," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo According to him, these countries now 'stand with us' and view India as an opportunity, unlike Pakistan which they consider a 'problem child.' The BJP MP also underlined that the delegation highlighted Pakistan's return to supporting terror groups after being removed from the FATF grey list. 'This message found a great deal of resonance,' he said, noting that India's anti-terror stand was welcomed. On the April 22 Pahalgam attack that killed civilians, Panda said all four countries issued strong statements condemning terrorism. "They are on the same page when we go with this message,' he said. He also expressed hope that these countries would take steps behind the scenes that would 'not be very encouraging for Pakistan' and possibly push it towards self-correction. Emphasising India's assertive new approach, he said, 'We were there to explain the new normal. We will retaliate and specifically target terrorist bases.' However, he clarified that India did not want to escalate tensions or provoke nuclear threats. 'If they escalate, we will hit them back... but never go near the nuclear threshold,' he added. The delegation included MPs Nishikant Dubey, Phangnon Konyak, Rekha Sharma, AIMIM leader Asaduddin Owaisi, Ghulam Nabi Azad, Harsh Shringla and Satnam Singh Sandhu.
India Gazette
06-06-2025
- Politics
- India Gazette
"Pakistan like emperor that has no clothes": BJP MP Baijayant Panda
New Delhi [India], June 6 (ANI): Bharatiya Janata Party (BJP) Lok Sabha MP Baijayant Panda, who led an all-party parliamentary delegation in four countries, on Thursday didn't mince words in criticising Pakistan, labelling it as 'an emperor that has no clothes'. 'Pakistan is like the emperor that has no clothes. It's pretty shameless, but everybody knows what it is,' Panda said in an interview with India Today's Gaurav Sawant. Talking about the countries visited by the parliamentary delegation and their bilateral relationship with Pakistan, Panda informed that even though these are Islamic nations, their paths are not the same as that of Pakistan since all four countries, including Saudi Arabia, Kuwait, Bahrain, and Algeria, have taken 'strong' action against 'jihadism'. Contrary to actions taken by these countries, the BJP MP said, Pakistan has gone in the opposite direction, encouraging jihadis and fundamentalist elements. 'Keep in mind that over the last couple of decades, you know, these are all Islamic countries, but their path and Pakistan's path have diverged quite a bit. All these four countries have taken very strong actions against jihadism and Salafist elements, and they have rubbed them out from operating on their soil,' Panda said. 'Pakistan has gone in the opposite direction. It continues to encourage jihadis and fundamentalist elements. This is why there is a divergence in their relationship with Pakistan,' he added. Highlighting the financial assistance provided to Pakistan by these countries, Panda argued that they have witnessed the aid being misused. He said that Pakistan has used the aid to finance terrorism instead of working for development. 'Some of these countries have helped Pakistan financially in the past years, and they have seen that the aid has been misused. Now, these countries have developed their schools, roads, colleges and hospitals. But Pakistan has taken their money and, instead of using it for the same purpose, has used it to finance terrorism,' he said, adding, 'These are things that they are very unhappy about, and they did make it very clear to us that they stand with us.' Furthermore, Panda said that the four Islamic nations perceive India and Pakistan in entirely different ways, categorising the neighbouring country as a 'problem child' who abstains from becoming normal and has 'misused the support'. 'They see Pakistan and India in a completely different light. They see Pakistan as a problem child. They do have sympathy for its poverty. They have sympathy for the crores of Pakistani children who are not in any school. They have sympathy, and they want to help Pakistan become normal. However, they are aware that Pakistan is not becoming normal and has misused their help and support to become even worse than before,' he added. Talking about their perception of India, the BJP MP said that these nations see India as an opportunity since the message propagated by the all-party delegation regarding Pakistan supporting terrorism after being removed from the Financial Action Task Force (FATF) black and grey list found 'a great deal of resonance.' 'They see India as an opportunity. When we took up these issues, we specifically mentioned that some nations helped put them (Pakistan) on the FATF blacklist, and they were somewhat subdued on supporting terror for a few years. However, now that they are off the grey list, they are back at it again. This message found a great deal of resonance,' Panda said in his interview to India Today. Given India's past ties with them, he asserted that the all-party delegation had 'excellent' engagements with these countries. 'I think it's important to note that we had a phenomenal reception and excellent engagements in all four countries. The fact is that India doesn't really need to justify itself. All these countries have had a relationship with India for thousands of years. They understand what we are all about,' Panda said. Talking about the reaction of these sovereign nations to the ghastly Pahalgam terror attack, the BJP leader said that all have issued strong statements against terrorism, specifying the April 22 attack against civilians. 'These countries have been the victims of terrorism themselves and have taken strong actions against terrorism. They're on the same page when we go with this message. All of them have issued strong statements against terrorism and specifically against the Pahalgam attack,' Panda said. He expressed optimism over these countries taking possible action against Pakistan, pushing the neighbouring country to ' correct itself'. 'I am very optimistic that going forward, in both public and private behind-the-scenes efforts, they are certainly going to take some steps which will not be very encouraging for Pakistan. It will start pushing Pakistan in the direction of correcting itself,' Panda said. Speaking on India's message against terrorism, the BJP leader said that the nation would resort to the 'new normal', which is retaliating and targeting terrorist bases in case of cross-border terrorism. 'Our message was very clear. We have gone through the same cycle of terrorism for 78 years. Pakistan sending cross-border terrorists and the whole rigmarole, provoking attacks and nuclear blackmail. We were there to explain the new normal. We will retaliate, and we will specifically target terrorist bases,' Panda asserted. Expressing unwillingness to 'escalate' conflicts, Panda said that India would hit back if Pakistan escalates but would never go near the 'nuclear threshold' 'Two is that we don't want to escalate. We don't have anything against the Pakistani people. But if they escalate, we will hit them back and make it very costly for them, but never go near the nuclear threshold, and that nuclear bluff has already been exposed and called out,' he added. The delegation led by Panda visited Saudi Arabia, Kuwait, Bahrain, and Algeria. It included members Nishikant Dubey (BJP), Phangnon Konyak (BJP), Rekha Sharma (BJP), Asaduddin Owaisi (All India Majlis-e-Ittehadul Muslimeen), Satnam Singh Sandhu, Ghulam Nabi Azad, and Harsh Shringla. (ANI)
