The Hindu Business Line : FDI cap hike in insurance opposed

The Insurance Corporation Employees' Union, affiliated to the All-India Insurance Employees' Association (AIIEA), has flayed the Budget proposal to increase foreign direct investment cap in the sector from 26 per cent to 49 per cent. Speaking to newspersons on Tuesday, Mr K. Venugopal, General Secretary of the AIIEA, said that it was a retrograde proposal. "It will increase the ability of the private companies to manipulate and exploit the market." He added that the companies would gain greater access to domestic savings.

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