Home » News » Business » Hiking FDI Cap in Insurance Sector Will Open Up Large Source of Fresh Funding for Industry: Piyush Goyal
1-MIN READ

Hiking FDI Cap in Insurance Sector Will Open Up Large Source of Fresh Funding for Industry: Piyush Goyal

PTI

Last Updated: February 01, 2021, 20:26 IST

New Delhi

File photo of Union Minister Piyush Goyal

File photo of Union Minister Piyush Goyal

In her Budget speech, Finance Minister Nirmala Sitharaman proposed to amend the Insurance Act, 1938 to increase the permissible FDI limit from 49 per cent to 74 per cent in insurance companies and allow foreign ownership and control with safeguards.

Commerce and Industry Minister Piyush Goyal on Monday said that hiking foreign direct investment (FDI) limit to 74 per cent in the insurance sector will open up a large source of fresh funding for the sector. In her Budget speech, Finance Minister Nirmala Sitharaman proposed to amend the Insurance Act, 1938 to increase the permissible FDI limit from 49 per cent to 74 per cent in insurance companies and allow foreign ownership and control with safeguards.

“This will open up a large source of fresh funding for the insurance industry,” Goyal said in a tweet. He also said that seven textile parks will be established to create global export champions.

Read all the Latest News, Breaking News and Coronavirus News here

first published:February 01, 2021, 20:26 IST
last updated:February 01, 2021, 20:26 IST