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India: Higher foreign investment limit in insurance may fetch sector $2 billion

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India's Finance Minister Arun Jaitley has proposed raising the foreign investment limit in the insurance industry to 49% from 26%, with full Indian management and control, Reuters reported.

The proposed hike would result in inflows of about $2 billion into the industry within one year of its implementation, industry officials estimate. Mr. Jaitley said "the insurance sector is investment starved." India's $60 billion insurance industry has been struggling with regulatory changes, uncertainty and economic slowdown.

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