India: Insurance staff opposes hike in foreign direct investment limit

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."

Read more