Government is considering a proposal to permit 49 per cent FDI through automatic approval route in the insurance sector with a view to attracting more overseas inflows.
Currently, FDI up to 26 per cent is permitted through automatic approval route. For FDI up to 49 per cent, the approval of Foreign Investment Promotion Board (FIPB) is required.
According to sources, the government could announce this decision in the forthcoming Budget as the move would help in improving ease of doing business also.
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