New Delhi: The UPA government on Thursday came up with its second wave of big bang reforms as the Cabinet cleared the introduction of foreign direct investment (FDI) in pension and increase in the FDI cap in insurance.
Addressing a press conference over the measures, Union Finance Minister P Chidambaram said that the cap on the FDI in pension would be linked to that in insurance. It means that if the FDI cap in insurance is approved at 49 per cent, then that in pension will also be 49 per cent.
The Finance Minister further said that the UPA government would engage all the political parties to the insurance, pension bills passed. Currently, no foreign investment is allowed in the pension sector and only 26 per cent FDI is allowed in insurance.
Explaining the decision taken by the government, Chidambaram said that private companies will benefit from the amendments in the insurance bill as they were not applicable on the public sector players....more
08:36 PM, Oct 04, 2012
New Delhi: The UPA appears to be unfazed by the opposition to its reforms measures, as the Union Cabinet, in yet another major step, has finally given a go-ahead to introducing foreign direct investment (FDI) in pension and hiking the cap in insurance. According to sources, the Cabinet cleared as much as 26 per cent FDI in pension and raised the cap in insurance to 49 per cent. Currently, no...
06:20 PM, Oct 04, 2012