New Delhi: The government is likely to put the increase in foreign direct investment (FDI) cap on insurance on hold for now. Union HRD Minister Kapil Sibal has told CNN-IBN that the move could be put on hold as it required legislation.
The Union Minister said that the government did not have the numbers in Parliament to get the increase in FDI in insurance passed.
This comes a day after sources had said that after biting the bullet on FDI reforms in retail and aviation, the Centre was all set to propose an increase in the FDI cap in insurance sector.
According to sources, the government was likely to hike the FDI in insurance from 26 per cent to 49 per cent.
A decision in this regard was expected to be taken at a Cabinet meeting, which is slated to be held on Monday.