The Union Cabinet has approved an Ordinance that would pave the way for hike in foreign investment limit in insurance sector to 49 per cent from existing 26 per cent.
The Modi – led government has gone in for an Ordinance as it could not get the crucial insurance Bill passed in the just concluded winter session of Parliament.
The move to hike foreign investment limit in the insurance sector is seen as a game changer for private insurance players, who could now look to raise much needed capital to fund business growth.
Source: The Hindu Business Line