US looks forward to further opening of FDI in insurance: Powell

Tags: News
The US today said it is looking forward to India opening up its insurance sector further to foreign investors just as it has done in case of FDI in the retail sector.

"We are looking at the expansion of FDI, particularly at expansion of FDI in insurance," US Ambassador to India Nancy J Powell said at the World Economic Forum on India here.

She was responding to a query on the US expectations regarding India's economic reforms going forward.

The bill to increase FDI cap in the insurance sector from 26 per cent to 49 per cent has been pending in the Rajya Sabha since 2008. Last month, the Cabinet had decided to move ahead with its proposal to hike foreign investment ceiling in the sector.

In September, India had relaxed foreign direct investment (FDI) norms in retail sector, allowing foreign retailers to have up to 51 per cent stake in the multi-brand segment. Foreign carriers have also been allowed to invest up to 49 per cent in domestic airlines.

Commenting on the development, Powell said: "The implementation of the ones which have been put forward is going to be very, very key, particularly the state government's response to FDI in multi-brand retail."

She however said it would depend on individual companies decisions and how do they respond to that

"Partnership with Indian companies is going to be very very large one," she added.

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