India hikes insurance investment cap, bypassing lawmakers

New Delhi: India’s cabinet on Wednesday approved an executive decree to hike foreign investment in the funds-starved insurance sector, bypassing squabbling lawmakers to push ahead with economic reforms.

The ordinance, a rarely used measure, raises the foreign direct investment cap in insurance companies to 49 per cent from 26 per cent but must be approved by both houses of parliament within six months to take permanent effect.

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