"I am quite optimistic because everything else apart from the clause by clause discussion has been completed. With the cooperation of the members, there should not be any difficulty. In another two or three meetings, the process would be completed," Mitra told reporters outside Parliament here.

The proposed amendment to the Insurance Act aims to raise the foreign investment cap and the Mitra-led Select Committee was today given two more weeks till December 12 to submit its report, but not before the opposition parties raised questions over the procedure for seeking extension of the timeline.

The Select Committee was to have submitted its report by November 28.

Despite the opposition in some quarters against the move to raise the FDI limit in insurance, Mitra expressed confidence that the Bill would be passed, saying that only a small number of parties were against it.

"Not all opposition parties, only some, just a minuscule number, which have ideological problems... But what consensus I believe is already there is that the Bill will be passed and the FDI limit would be raised," he said.

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