"I am quite hopeful that the Insurance Bill will be approved in the Upper House because the principal Opposition party is also in favour,” Jaitley said.

"If it is not approved, we will go to joint session of Parliament. If it is delayed beyond six months, we will go to joint session of Parliament where we will have majority," he added.

Regarding the ordinance that hikes the FDI cap from 26 per cent to 49 percent in the insurance sector, Jaitley said it was done to "drive home a point that decisions cannot be held on account of disruptions in Parliament".

"In insurance, we have spent a lot of time for years but could not reach a conclusion," he added.     

According to him, there is also a law that if someone invests during the time an ordinance is in place "it will be irreversible".

"So, we want investors to come in straight away. Those who come in before March 31, they have a permanent entry," he emphasised.

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