Press Esc to close
Tuesday 27 January 2015
News updated at 2:44 AM IST
Weather
Max: 26°C
Min : 18°C
In Bengaluru
Sunny day

'Increasing FDI in insurance high on priority'

Washington, April 20, 2013 Agencies:

 Increasing foreign direct investment (FDI) in insurance sector is top priority for the government Finance Minister P Chidambaram said on Saturday, hoping that a Bill to address the issue will be passed in the upcoming Parliament session.

Responding to questions at the Peterson Institute, Chidambaram appreciated efforts of the insurance industry in reaching out to the opposition parties and hoped that this would help the political parties understand the issues and thus help in the passage of the Bill.

“It (insurance FDI) is right there in top of the agenda. We are stuck on one clause, FDI cap whether it should be 26 or raised to 49. If the principle opposition party comes around, the bill will be passed,” Chidambaram said.

“I am keeping my fingers crossed. I sincerely hope that the efforts of the insurance industry in speaking to the opposition will be helpful and I can pass the bill,” he added.
Noting that without growth there will be neither inclusiveness nor development, he said, “Once you accept that paradigm, you have to accept fiscal deficit, you have to contain inflation, you have to contain expenditure, you have to balance your books to a large extent.”

BRICS Bank


The five BRICS nations hope to complete preparations for their proposed joint development bank by their 2014 summit in Brazil, Chidambaram said. "Before we go to Brazil for the next summit, that is one year from Durban, we hope to complete our homework," he said in remarks at the Peterson Institute in Washington.

The emerging powers group - Brazil, Russia, India, China and South Africa - announced last month at a summit in Durban, South Africa their intention to set up their own development bank to reduce their reliance on Western financial institutions. "The BRICS finance ministers met in Washington and we reiterated our commitment to the BRICS bank," said Chidambaram.

He said officials from the five countries - who represent a fifth of global Gross Domestic Product and have high geopolitical importance in their separate regions - would refine the plan and work out technical details for leaders to sign next year in Brazil.

Questions of where the bank will be located and respective contributions of member countries would be made by the leaders, said Chidambaram.

"We hope that we can complete our work in 12 months," he said. "It's an ambitious agenda, but we are going to work hard on that (matter)."


Go to Top

Photo Gallery
India's BSF 'Daredevils' motorcycle riders perform stunts as they take part during Republic Day...

India's BSF 'Daredevils' motorcycle riders perform stunts as they take part during Republic Day...

Make in India tableau on display during the 66th Republic Day parade at Rajpath...

Make in India tableau on display during the 66th Republic Day parade at Rajpath...

Prime Minister Narendra Modi paying homage at Amar Jawan Jyoti during the 66th Republic Day...

Prime Minister Narendra Modi paying homage at Amar Jawan Jyoti during the 66th Republic Day...

Pranab Mukherjee with Obama and Modi during an At-Home reception...

Pranab Mukherjee with Obama and Modi during an At-Home reception...

BSF officials perform during the 66th Republic Day Celebration at Attari Border in Amritsar...

BSF officials perform during the 66th Republic Day Celebration at Attari Border in Amritsar...

Illuminated Raisina Hill on the occasion of Republic Day in New Delhi...

Illuminated Raisina Hill on the occasion of Republic Day in New Delhi...

Amit Shah, Sonia Gandhi, Venkaiah Naidu and others using umbrellas as it rains...

Amit Shah, Sonia Gandhi, Venkaiah Naidu and others using umbrellas as it rains...

Mechanised columns on display during the 66th Republic Day parade at Rajpath...

Mechanised columns on display during the 66th Republic Day parade at Rajpath...

A view shows Indian Army soldiers marching past the India Gate during the Republic Day...

A view shows Indian Army soldiers marching past the India Gate during the Republic Day...

Navy's women contingent marches during the 66th Republic Day Celebration...

Navy's women contingent marches during the 66th Republic Day Celebration...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523