Finance minister Nirmala Sitharaman in budget 2021-22 said, "I propose to amend the Insurance Act, 1938 to increase the permissible FDI limit from 49 per cent to 74 per cent in insurance companies and allow foreign ownership and control with safeguards."source https://economictimes.indiatimes.com/industry/banking/finance/insure/cabinet-clears-amendments-to-insurance-act-for-raising-fdi-to-74/articleshow/81435000.cms
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