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India Inc thrilled over FinMin's proposal to hike FDI limit in insurance sector to 100%

The insurance industry has positively received the Finance Ministry's recent reform proposals, which include increasing the Foreign Direct Investment (FDI) limit from 74% to 100% and seeking stakeholder feedback for amendments to the Insurance Act, 1938. These reforms are aimed at enhancing the ease of doing business, promoting growth, and increasing insurance penetration in India. The proposals also involve simplifying the process for insurers to offer multiple products, reducing compliance burdens, and allowing insurers to distribute other financial products. Industry leaders have expressed optimism that these changes will attract more foreign investment, foster innovation, and expand the market, thereby benefiting both the economy and consumers by making insurance more accessible and affordable.

Read the Full Business Line Article at:
[ https://www.thehindubusinessline.com/economy/insurance-industry-welcomes-finance-ministrys-reform-proposals-including-raising-fdi-limit-to-100-seeking-stakeholder-feedback-for-amendments/article68928328.ece ]