Finance Minister Arun Jaitley announced a cap of 49 per cent while presenting the Union Budget 2014-15 on Thursday.
Munish Sharda, MD & CEO, Future Generali India Life Insurance shares his views on the same.
The budget announcement on increasing FDI cap in insurance to 49% is a positive step forward.
We are pleased to see a decisive direction towards long pending reforms.
Insurance is a capital intensive industry and increasing the cap will enable further product innovation, enhanced customer engagement and service delivery, and highest standards of corporate governance norms.
This law will further promote inclusive economic growth targeting a larger population and enabling deeper insurance penetration.