Fulfilling a longstanding request from investors, Indian Finance Minister Nirmala Sitharaman announced in the budget a proposal to amend the Insurance Act, 1938 to increase FDI (foreign direct investment) limit from 49% to 74% in insurance companies. Foreign ownership would be allowed under this proposal with necessary checks and balances. Under Prime Minister Narendra Modi, India has received record levels of FDI. Between April-August 2020, the country received its highest ever FDI during the first five months of a year.
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