Setback for FDI hike in Insurance:
In a move that could dent investor sentiment, the parliamentary standing committee on finance is set to reject government's move to further open up the insurance sector. The Insurance Amendment Bill, tabled in Parliament, had proposed to raise the foreign investment limit in the key financial sector to 49% from 26% fixed a decade ago. A majority of committee members felt that a higher foreign investment ceiling could affect domestic players.
In a move that could dent investor sentiment, the parliamentary standing committee on finance is set to reject government's move to further open up the insurance sector. The Insurance Amendment Bill, tabled in Parliament, had proposed to raise the foreign investment limit in the key financial sector to 49% from 26% fixed a decade ago. A majority of committee members felt that a higher foreign investment ceiling could affect domestic players.
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