Union cabinet clears FDI in insurance to 49 pc
However, the control of the management of the insurance companies would remain with Indians.
The Cabinet Committee on Economic Affairs cleared the proposal of hike in cap by the FIPB (Foreign Investment Promotion Board) route.
The bill now has to be passed in Parliament.
FIPB is the national agency of Government of India, with the remit to consider and recommend foreign direct investment (FDI) which does not come under the automatic route.
In his budget speech, Union Finance Minister had announced that the FDI in Insurance sector now is going to go up to 49 percent.
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