Blog

Government Consider 49% FDI In Insurance Sector Via Automatic Route

Government is mulling a proposal to allow 49% FDI through automatic approval route in the insurance sector with a view to attracting more foreign inflows.

At present, FDI up to 26% is allowed through automatic approval route. For FDI up to 49%, the approval of the Foreign Investment Promotion Board is needed.

As per the sources, the government could publicize this decision in the forthcoming Budget as the move will help in raising ease of doing business also.

Currently, as many as 10 proposals, including that of ICICI Prudential Life, ICICI Lombard General Insurance and Aviva Life Insurance, are awaiting at different stages of clearances.  The country receives maximum FDI from Singapore, Mauritius, the Netherlands and Japan.

In 2014-15, overseas fund inflows grew 27% to $30.93 billion as against $24.29 billion in 2013-14.

You May LIke

Fiscal Year 2019 Anticipates Growth in Life Insurance Industry Life insurance industry has been growing at a steady rate. While the equity market is yet to stabilize life insurance market is consistent in its growth. With constant fluctuation in the stock markets, more people are expected to shift to the life insurance investments as mentioned by V. Viswanand- ...
IRDAI Considers Extending E-Vahan Bima Throughout India With the goal to offer motor insurance policies at the consumer’s doorstep. The insurance authority of India, IRDAI is considering promoting the e-vahan system in all over the country. With an aim to provide motor insurance policies at vehicle owners' doorstep, insurance regulator IRDAI is contempl...
New India Assurance Gets Rs 1,430 Crore Relief From IRDA The Insurance Regulatory and   Development Authority of India has provided relief to the New India Assurance from a big insurance claim of Rs 1,430 crore from Nectar Life Sciences. The pharma corporation had bought a marine shipment transit cover from New India Assurance, under Open Marine cargo fo...
Panaji:Insurance Scheme To Protect Rubber Growers From Price Risks The centre’s planned insurance plan for the plantation sector will protect small-scale rubber growers from price fluctuations, a senior official said today. "The main shield used by developed countries in protecting their farmers against price risks is comprehensive crop insurance schemes," Rajani ...
Andhra Pradesh: Auto Drivers Seek Execution Of Insurance Scheme The auto drivers and workers federation of Andhra Pradesh has requested the state government not to insist on ‘driver badge’ to execute the insurance scheme, which it had launched, for the profit of drivers in the case of accident and natural death of auto drivers. In a statement, federation’s Stat...