Firm commitments from companies after Fadnavis’s investment roadshows in US, China, Germany and Israel.
There are around 400 members who handle 20 per cent of the Rs 84,000 crore premium generated by the Indian general insurance industry.
The Cabinet has approved a ‘composite’ cap for foreign investment in Indian companies, removing sub-ceilings for multiple investor categories. The move is expected to boost overseas investment flows.
The government should focus on due diligence and do away with foreign investment caps.
Don’t want hot money of portfolio investment to come in these sectors beyond a limit: Official.
Four months since Parliament cleared a higher FDI cap for the insurance sector at 49 %, none of the major Indian companies have made any tangible moves to rope in capital from abroad.
The proposal is aimed at simplification of FDI policy with a view to attracting foreign investments and also improving ease of doing business in India.
Earlier this year, states including Gujarat and West Bengal too held global investor summits.
The meeting was called by DIPP secretary Amitabh Kant to discuss issues in the retail sector
LIC chairman SK Roy said the corporation is set to regain the market share in premium income.
Foreign investors can acquire up to 49 per cent in Indian private banks through the automatic route.
The paradox is striking: While India has been trying to attract FDI, Indian companies are investing abroad.
India Inc is in a phase of restructuring and consolidation. Only public investment and FDI could drive capex.
When the Parliament allowed 49 per cent FDI in insurance, the government framed the rules in such a way that FDI in broking is restricted to 49 per cent.
The government wants to channelise the funds of NRIs, who now have set up large businesses abroad, by treating non-repatriable investments by NRIs as domestic investment.