US Looks Forward to Further Opening of FDI in Insurance - Envoy

GURGAON (India) (NNN-Bernama) -- The United States on Thursday said it is looking forward to India opening up its insurance sector further to foreign investors just as it has done in case of foreign direct investment (FDI) in the retail sector, Press Trust of India (PTI) reported.

"We are looking at the expansion of FDI, particularly at expansion of FDI in insurance," US Ambassador to India Nancy J Powell was quoted as saying at the World Economic Forum (WEF) on India here.

She was responding to a query on the US expectations regarding India's economic reforms going forward.

The bill to increase FDI cap in the insurance sector from 26 per cent to 49 per cent has been pending in the 'Rajya Sabha', the upper house of the Parliament of India, since 2008.

Last month, the Cabinet had decided to move ahead with its proposal to hike foreign investment ceiling in the sector.

In September, India had relaxed FDI norms in retail sector, allowing foreign retailers to have up to 51 per cent stake in the multi-brand segment.

Foreign carriers have also been allowed to invest up to 49 per cent in domestic airlines. -- NNN-BERNAMA