NEW DELHI (Reuters) - The Lok Sabha on Wednesday passed a bill to increase foreign investment limit in local insurers to 49 percent from 26 percent.
The passage of the bill in both the houses of parliament is critical to make an executive order, which Prime Minister Narendra Modi's administration issued in December, permanent.
The bill now faces its real test in the Rajya Sabha where the ruling Bharatiya Janata Party (BJP) is in a minority and is dependent on opposition parties to pass the legislation.
(Reporting by Rajesh Kumar Singh and Nigam Prusty; Editing by Malini Menon)
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