Finance Minister P Chidambaram on Friday announced the decision of the Union Cabinet, which met on Thursday night, to table a comprehensive bill to amend various laws relating to the insurance sector and among other things seek to raise the FDI cap to 49 per cent from 26 per cent now.
The Left parties criticised the decision as one that will demolish institutions that helped India withstand the impact of global financial crisis.
However, private sector insurers hailed the decision to amend the Insurance Regulatory and Development Act, 1999 to raise FDI limit in insurance from 26 to 49 per cent which would enable them to enhance capital for business expansion.
 |
No comments:
Post a Comment