The commerce and industry ministry is making changes in the foreign direct investment (FDI) policy to facilitate disinvestment of Life Insurance Corporation of India,
DPIIT secretary Anurag Jain stated that the current policy related to the sector needs to be revised and will not facilitate the disinvestment process of LIC.
The matter is being discussed with the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM).
According to the current FDI policy, 74 per cent foreign investment is permitted under the automatic route in the insurance sector.
Last year in July, Cabinet had approved the initial public offering (IPO) of LIC.
(With inputs from PTI)
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