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Union cabinet clears FDI in insurance to 49 pc

| | Jul 24, 2014, at 07:47 pm
New Delhi, July 24 (IBNS) The Union Cabinet on Thursday in a meeting cleared the proposal to raise FDI (foreign direct investment) cap in the insurance sector to 49 percent from the existing 26 percent.

However, the control of the management of the insurance companies would remain with Indians.

The Cabinet Committee on Economic Affairs cleared the proposal of hike in cap by the FIPB (Foreign Investment Promotion Board) route.

The bill now has to be passed in Parliament.

FIPB is the national agency of Government of India, with the remit to consider and recommend foreign direct investment (FDI) which does not come under the automatic route.

In his budget speech, Union Finance Minister had announced that the FDI in Insurance sector now is going to go up to 49 percent.

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