Parliament passes insurance amendment bill to raise FDI limit to 74%

The Parliament on Monday approved a Bill to increase Foreign Direct Investment (FDI) limit in the insurance sector from 49 per cent to 74 per cent with the Lok Sabha passing the proposed law by a voice vote.
The Insurance (Amendment) Bill, 2021 was passed by Rajya Sabha last week. Piloting the Bill, Finance Minister Nirmala Sitharaman on Monday said hiking the FDI limit in the insurance sector will help insurers raise additional funds and tide over the financial problems.