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India: Insurance staff opposes hike in foreign direct investment limit

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The Insurance Corp. Employees' Union has strongly opposed hiking the foreign direct investment limit in India's insurance industry to 49% from the current 26%, The New Indian Express reported.

The union has threatened to organize a countrywide strike if the central government moves ahead with its plan to raise the cap.

ICEU Bangalore Division-2 general secretary K. Gopal said "the argument that it helps increase the level of insurance penetration is baseless."

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