Industry & Economy
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Foreign Direct Investment
BJP firm against 49 pc FDI in insurance
Jayanta Mallick
Kolkata
,
July 18
THE BJP is firm on its decision to oppose amending the IRDA Act, 1999, to raise the FDI limit, Mr Jagdish Shettigar, Convenor of the BJP's Economic Affairs Committee, has said.. The Government might have to amend the Act before tabling it or would have to defer it, he told Business Line.
The amendment proposal is scheduled to come up for discussion during the Budget session in view of the proposed hike in the FDI cap in the insurance sector to 49 per cent from the existing 26 per cent in a company's paid-up capital.
Mr Sitaram Yechury, Member of the CPI (M) Polit Bureau, affirmed that the Left's opposition to the Bill was intact. "We are also opposing the Government's intention of offloading an additional 5 per cent stake in NTPC over and above the 5 per cent disinvestment announced by the Finance Minister," he said.
Mr Shettigar and Mr Yechury were in the city at a seminar organised by the Federation of Indian Chamber of Commerce on investment stimuli from the 2004-05 Budget.
Mr Shettigar said: "Our views on opening up the insurance sector to overseas investors has evolved over the years. As an experiment we favoured 26 per cent FDI, but raising it to 49 now is not justifiable," he said.
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