74 || 74 Percent FDI In Insurance ||
The Lok Sabha has passed the Insurance Amendment Bill 2021 leading to a hike in foreign direct investment (FDI) limit in the sector to 74 percent. Rajya Sabha had passed the Bill on March 18.
This came as a stark contrast to the previous FDI hike that took seven years to be passed in 2015 hiking the limit from 26 percent to 49 percent.
During the debate on this bill in the Lok Sabha on March 22, opposition leaders including INC's Manish Tiwari raised questions on why the government was keen to pass a bill that it was against earlier.
Responding to these questions, finance Minister Nirmala Sitharaman said that there was an urgent need in the insurance industry for the FDI limit to be hiked to 74 percent so that there is adequate capital available for the expansion of insurers.
"We are not rushing through this legislation. Adequate discussions and due diligence has been done and the insurance regulator IRDAI has done proper consultations with insurers on this matter," she added.
https://www.moneycontrol.com/news/business/economy/lok-sabha-passes-insurance-amendment-bill-2021-fdi-raised-to-74-6677311.html
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74 || 74 Percent FDI In Insurance || The Lok Sabha has passed the Insurance Amendment Bill 2021 leading to a hike in foreign direct investment (FDI) limit in the sector to 74 percent. Rajya Sabha had passed the Bill on March 18. This came as a stark contrast to the previous FDI hike that took seven years to be passed in 2015 hiking the limit from 26 percent to 49 percent. During the debate on this bill in the Lok Sabha on March 22, opposition leaders including INC's Manish Tiwari raised questions on why the government was keen to pass a bill that it was against earlier. Responding to these questions, finance Minister Nirmala Sitharaman said that there was an urgent need in the insurance industry for the FDI limit to be hiked to 74 percent so that there is adequate capital available for the expansion of insurers. "We are not rushing through this legislation. Adequate discussions and due diligence has been done and the insurance regulator IRDAI has done proper consultations with insurers on this matter," she added. https://www.moneycontrol.com/news/business/economy/lok-sabha-passes-insurance-amendment-bill-2021-fdi-raised-to-74-6677311.html