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Hiking FDI cap in insurance to open up large source of fresh funding: Goyal

Goyal on Monday said that hiking foreign direct investment (FDI) limit to 74 per cent in the insurance sector will open up a large source of fresh funding for the sector

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Budget 2021 | Piyush Goyal

Press Trust of India  |  New Delhi 

Piyush goyal
Union Minister Piyush Goyal. File photo: PTI

Commerce and Industry Minister on Monday said that hiking foreign direct investment (FDI) limit to 74 per cent in the insurance sector will open up a large source of fresh funding for the sector.

In her Budget speech, Finance Minister Nirmala Sitharaman proposed to amend the Insurance Act, 1938 to increase the permissible limit from 49 per cent to 74 per cent in insurance companies and allow foreign ownership and control with safeguards.

"This will open up a large source of fresh funding for the insurance industry," Goyal said in a tweet.

He also said that seven textile parks will be established to create global export champions.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, February 01 2021. 20:21 IST
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