New Delhi: The government has said that it is necessary to increase the limit of foreign investment in the insurance sector and said that this will expand this sector, bring a large population under its ambit, increase employment opportunities and insurance of government and private sector companies.
Finance Minister Nirmala Sitharaman responded to the discussion on “Insurance (Amendment) Bill 2021” in the Lok Sabha on Monday and said that the bill has already been passed in the Rajya Sabha. This bill is necessary to take the economy forward and increase the scope of the insurance sector in the country. The scope of insurance is increasing and in the current era there is a dire need to bring more and more people under the purview of insurance and this can be possible only when competition in this field will increase and the insurance sector can be expanded.
She said that it is necessary for government and private companies in the insurance sector to increase foreign direct investment (FDI) in this sector. The companies of the insurance sector who are sick and unable to work, do not let them go to waste and their work will continue, for this, foreign investment will be a lifeline for them. It is the need of the hour to give sick companies of insurance sector an opportunity to work and the government is taking such steps that will benefit these companies.
