• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

K.R.Srivats

New Delhi May 22 The Government has "not ruled out" raising the current 26 per cent foreign direct investment (FDI) cap in insurance sector, according to the visiting Lord Mayor of the City of London, Mr John Stuttard.

"We got no assurance, but it was not ruled out", Mr Stuttard told Business Line after his meeting with the Union Finance Minister, Mr P Chidambaram, here today.

He was responding to a query on whether any assurance was given to him on the issue of increasing foreign equity ceiling in insurance sector from the existing 26 per cent to 49 per cent.

Mr Stuttard said that he was told that it was for Indian Parliament to take a decision on this issue.

The Mayor of the City of London said that he had during his interaction with the Finance Minister stressed the benefits of opening up of markets.

The issue of increase in the foreign equity ceiling in the insurance sector has been hanging fire for some time now, with the Left parties putting up strong opposition to the move.

More Stories on : Insurance | Foreign Direct Investment

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Forex as a monetary tool

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line