: Budget 2021: Centre proposes to increase FDI limit in insurance sector from 49% to 74% #IndiaNEWS Union Finance Minister Nirmala Sitharaman on Monday proposed to increase the foreign direct investment

Posted in: #Budget2021 #BudgetWithRSTV #IndiaNEWS

Budget 2021: Centre proposes to increase FDI limit in insurance sector from 49% to 74% #IndiaNEWS
Union Finance Minister Nirmala Sitharaman on Monday proposed to increase the foreign direct investment limit in the insurance sector from the existing 49% to 74%. Sitharaman made the announcement while presenting the Union Budget of 2021-’22 in the Parliament.“I propose to amend the Insurance Act, 1938, to increase the permissible FDI limit from 49% to 74%, and allow foreign ownerships and control with safeguards,??? Sitharaman said in her Budget speech. “Under the new structure, the majority of directors on the board and key management persons would be resident Indians with at least 50% of directors being independent directors.???Budget 2021-22 proposes to increase the FDI limit from 49% to 74% in insurance companies and allow foreign ownership and control with safeguards: FM @nsitharaman . #BudgetWithRSTV #Budget2021 — Rajya Sabha TV (@rajyasabhatv) February 1, 2021 Follow live updates on the Union Budget hereFollowing the government’s amendment of the FDI policy, an increase in the investment limit in the insurance sector was one of the important demands of global investors. In February 2020, the government had amended the FDI policy to allow 100% foreign investment in insurance intermediaries, including insurance agents, web aggregators of policies and brokers. Apart from the proposals related to FDI, Sitharaman also announced an outlay of Rs 35,000 crore for India’s coronavirus...Read more

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