Government approves Ordinance to hike FDI in insurance to 49%
- 5 years ago
Government today approved promulgation of an Ordinance to hike Foreign Direct Investment (FDI) cap in the insurance sector to 49 per cent from 26 per cent, as the legislation could not be passed in the Parliament session that ended yesterday.
"The Cabinet has cleared the Ordinance on insurance sector," sources said after the meeting of the Union Cabinet headed by Prime Minister Narendra Modi here.
The Insurance Bill, which has been pending since 2008 in the Rajya Sabha, seeks to increase the composite foreign investment limit in insurance companies to 49 per cent from current level of 26 per cent.
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"The Cabinet has cleared the Ordinance on insurance sector," sources said after the meeting of the Union Cabinet headed by Prime Minister Narendra Modi here.
The Insurance Bill, which has been pending since 2008 in the Rajya Sabha, seeks to increase the composite foreign investment limit in insurance companies to 49 per cent from current level of 26 per cent.
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