The frequent run-ins between the ruling side and the Opposition may not push important reform legislations off the table in the Budget session, but, BJP leader Yashwant Sinha recently told ET that his party was open for talks with the government on hiking the quantum of FDI in the insurance sector. Read more
Finance Minister P Chidambaram plans to introduce the insurance and pension bills in the Budget session of Parliament as he is optimistic of securing the opposition’s support on the contentious legislations, Bank of America Merrill Lynch said after an investor interaction it hosted with Chidambaram in Singapore. Read more
Making a strong case for raising FDI cap in insurance sector, Finance Minister P Chidambaram said the industry requires USD 5-6 Â billion capital in the immediate run.
“Every company already has 26 per cent FDI. So if you raise the cap from 26 per cent to 49 per cent, then there is a headroom for Â them to bring in more capital. The estimated capital requirement in insurance sector is about USD 5-6 billion in the immediate Â future,” the Minister told reporters. Read more
The Cabinet meeting scheduled recently is likely to consider a hike on foreign direct investment (FDI) in insurance sector. Read more