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INDIAN CHAMBERS, FIRMS HAIL HIKE OF FDI CAP IN INSURERS.
NEW DELHI, Nov 3 Asia Pulse - The government's decision to table a bill in Parliament to hike the FDI cap in private insurance firms was hailed Friday by industry chambers and insurers as a move to bring in much needed capital in the sector.
"The insurance sector being a capital intensive sector requires huge investments over a prolonged period of time, and therefore, there is constant need for capital infusion.
"A hike in the sectoral FDI cap to 49 per cent would further grow the insurance sector and bring in much needed FDI to the country," MetLife India Insurance's managing director Rajesh Relan said in a statement.
Confederation of Indian Industries, termed the bill as a much-awaited one, and said, that this bill "would further help in development of the insurance sector".
The industry body, ...
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