Arun Jaitley
Arun Jaitley

New Delhi: The Union Cabinet on Thursday gave its approval to the proposal of raising the foreign direct investment (FDI) cap in the insurance sector to 49 percent from the existing 26 percent.

Finance Minister Arun Jaitley, while presenting his maiden budget in Parliament, had proposed raising the FDI cap in insurance sector from 26 percent to 49 percent.

However, the management control of insurance companies will be with the Indian companies only.

The move to increase FDI limit is set to benefit private sector insurance companies, which require a huge amount of capital.

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