Foreign direct investment (FDI) in the insurance sector has more than doubled to $ 341.43 million during March-September this year. The sector had received FDI worth $ 135.30 million, during March-September 2014.
Commerce and Industry Minister Nirmala Sitharaman informing in the Upper house further said that FDI directly supplements the domestic capital and brings technology and skill in the sectors of direct entry. “It has indirect multiplier effects on other related sectors also thereby stimulating economic growth leading to increased production, exports and employment generation”.
Separately the minister said that foreign investments made by NRIs which also includes investments by Persons of Indian Origin and Overseas Citizens of India during July 2014 and June 2015 increased to Rs 796 crore as against Rs 732 crore in the same period last year.
The government had earlier in the year passed one of the most historic economic reforms bill in the Insurance sector, allowing foreign direct investors to infuse upto 49% in the Indian insurance companies.