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Insurance FDI lift gets going

business Updated: Oct 31, 2008 21:03 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The cabinet on Friday approved politically contentious amendments to the insurance bill that seeks to raise foreign direct investment (FDI) cap to 49 per cent from the existing 26 per cent.

“The Union Cabinet gave its approval for introduction of the Insurance (Amendment) Bill, 2008 in the Rajya Sabha on the basis of recommendations made by group of ministers,” Finance Minister P Chidambaram said.

The Bill will be introduced in Parliament in December, but unlikely to be passed by the current Lok Sabha due to lack of time.