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Insurance bill: Cabinet nod to 49% foreign equity cap

The FDI cap is currently 26% for the sector

The Insurance Laws Amendment bill has been cleared by the Rajya Sabha Select Committee with the Congress submitting no dissent note.

This means that the bill in its current form is ready for tabling in Parliament next week. It has been a seven year journey for a bill that is part of last-mile financial legislation in India’s ongoing economic reform.

Because a select committee is a microcosm of parliamentary political opinion, the bill is anticipated to face minimum opposition in the two houses.

Dissent notes have been filed by the CPI (M) and other parties, but because the Congress backed the bill without reservations, it has sailed through the Select Committee and will face no opposition even in the Rajya Sabha where the government is not in majority.

The bill visualizes not just increasing


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