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New Delhi
Bill to hike cap on FDI in insurance sector likely
Neena Vyas
NEW DELHI: The government wants to send a strong pro-reform signal in this parliamentary session. Towards this end, it is expected to introduce an amendment to legislation regulating foreign direct investment (FDI) in the insurance sector.
An authoritative source in the government said the bill to enhance the cap for FDI in the insurance sector — from 26 to 49 per cent — would be introduced in the Rajya Sabha early next week.
“Even if there is not enough time this session to pass the legislation, the government wants to send a strong signal that the reform process is on,” he said.
With the tenure of this government coming to an end in May next, the decision was to introduce the legislation in the Rajya Sabha, where the amendment bill will survive the life of the government.
At the same time, doubts were expressed about any real move forward on the long-pending Banking Regulation Act.
The discussion on the global meltdown impact on India is expected to be taken up by the Lok Sabha on Thursday.
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