Insurance FDI lift gets going

The cabinet on Friday approved politically contentious amendments to the insurance bill that seeks to raise FDI cap to 49 per cent from the existing 26 per cent.

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.

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“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.