The cabinet has cleared the insurance (amendment) Bill which proposes to raise the foreign direct investment (FDI) cap to 49% from 26%. <br /><br />“The cabinet has cleared raising the FDI cap in insurance to 49% from 26% subject to Indian management and control,” said a senior government official after the cabinet meeting. The official declined to be named. <br /><br />Finance minister Arun Jaitley had proposed raising the foreign investment cap in insurance companies during the announcement of Union Budget 2014 to ensure adequate capital for this fund-starved sector.<br /><br /><br />For More information on this news visit : http://www.newsx.com/<br />Connect with us on Social platform at : http://www.facebook.com/newsxonline<br />Subscribe to our YouTube Channel : http://www.youtube.com/newsxlive
