Raise FDI limit to 49% in insurance sector: SMC Global

Pitching for raising the FDI cap in insurance segment to 49%, financial solution provider firm SMC Global Securities on Monday said the move would help the sector become a USD 65 billion industry by 2014.

SMC Global Securities said the current size of the domestic insurance industry is estimated at USD 45 billion.
The firm has urged the UPA government to "initiate serious deliberations" with all it's constituents to increase FDIs limit in insurance sector to 49% from the current level of 26%.
Raising the limit would help the insurance industry grow at a much faster pace as also facilitate larger foreign direct investment, the company's Chairman and Managing Director Mr Subhash Chand Aggarwal said.