Centre clears 49 per cent FDI in insurance sector

New Delhi: The Centre on Thursday cleared the proposal to raise foreign direct investment in insurance from the existing 26 per cent to 49 per cent. This was decided at a Union Cabinet meeting chaired by Prime Minister Narendra Modi. A clear indication of this had been given by finance minister Arun Jaitley in his Budget speech earlier this month.

Management control over insurance firms will remain in the hands of Indian promoters. This move will pave the way for the inflow of up to '25,000 crore in foreign funds, industry sources said