SMC Global supports hike in FDI cap to 49% for insurance sector

NEW DELHI: SMC Global Securities recently made a formal announcement declaring the company’s efforts to increase the Foreign Direct Investment (FDI) cap to 49 percent under the insurance sector would back the insurance industry, thereby outgrowing it to USD 65 billion in next four years.

The company is consistently insisting the centre to take immediate serious measures in order to hike the Foreign Direct Investment (FDI) cap to 49 percent from its present existing limit of 26 percent. At present, the insurance industry in Indian market stands steady at USD 45 billion.

Subhash Chand Aggarwal, Chairman and Managing Director, SMC Global Securities, issued a statement pointing out that with the increment of upper limit in FDI cap, the insurance industry would flourish with greater speed and attract huge foreign direct investments in comparison to the limited present existing ones on account of the low upper limit.