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Insurance Bill to be taken on urgent basis: Rajan

Raghuram Rajan said that the passage of the Bill would signify that the country’s reform process is continuing

May 02, 2013 3:49 IST | India Infoline News Service
        Raghuram Rajan, chief economic adviser at the finance ministry, on Tuesday said that two major finance bills — insurance and goods and services tax (GST) — should be taken up on an urgent basis.

He pitched for early passage of the Insurance Bill, which seeks to increase the foreign direct investment level to 49% from the current 26%.

Mr Rajan said that the passage of the Bill would signify that the country’s reform process is continuing.

Passing of the Insurance Bill would help in addressing the widening current account deficit (CAD) besides expanding the penetration of insurance in the country, Mr Rajan added.

Indian insurers have brought in capital worth around Rs. 320 billion since 2000, of which Rs. 210 billion has been invested by Indian promoters. According to Insurance Regulator and Development Authority (IRDA), the sector would require an additional Rs. 500 billion in the next five years.


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