US lawmakers approved raising FDI limit in insurance sector to 74 percent in India

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Two influential US lawmakers have welcomed raising the FDI limit in the insurance sector in India from 49 percent to 74 percent. He has said that this decision of the Government of India will further strengthen bilateral trade and investment. The Indian Parliament passed the Insurance Amendment Bill 2021 only last month. Through this, the FDI limit in the Indian insurance sector was raised.

Congressman Brad Sherman and Steve Chabot said, “We are very excited about the inclusion of a provision to increase the FDI limit in the Indian insurance sector from 49 percent to 74 percent.” Due to this, there was a long deadlock in the commitment to expand insurance coverage for Indian consumers and businesses. “

In a letter to Indian Ambassador to the US Taranjit Singh Sandhu, the two MPs said that the initiative proposed in India’s recent annual budget will help increase the availability of capital for India’s ambitious infrastructure target.

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