On 12 March, the Rajya Sabha, India’s upper house of parliament, approved the Insurance Laws (Amendment) Bill, 2015, which will increase the cap on foreign direct investment (FDI) in the insurance sector from 26% to 49%.
Once the bill receives presidential assent, it will be notified by the central government through an act to amend the Insurance Act, 1938.
The Bharatiya Janata Party, which is in power under prime minister Narendra Modi, vociferously opposed the bill for years, but it has since changed its position in favour of liberalization.
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