Business news : Investment of Rs 53,900 crore in insurance sector between 2014 to 2024

There has been an investment of Rs 53,900 crore in the form of foreign direct investment (FDI) in the insurance sector from December 2014 to January 2024. Financial Services Secretary Vivek Joshi gave this information on Monday. He said this is a result of the liberalization of foreign capital inflow norms by the government.

He had said in an interview to ANI that the government increased the FDI limit from 26 percent in 2014 to 49 percent in 2015 and then to 74 percent in 2021. However, Joshi pointed out that the permissible FDI limit for insurance intermediaries was increased to 100 percent in 2019. As a result, FDI worth Rs 53,900 crore was received in insurance companies between December 2014 and January 2024.

The Insurance Regulatory and Development Authority of India (IRDAI) opened the market in August 2000 with the invitation of applications for registration in the insurance sector and foreign companies were allowed ownership up to 26 percent.

Since then, many insurance companies in India have received foreign direct investment (FDI) to expand their operations. Private life insurance companies like HDFC Life, ICICI Prudential Life, Max Life and others have attracted significant FDI over the years.

ED attached businessman’s assets worth Rs 16 crore
The Enforcement Directorate (ED) on Monday said it has arrested former managing director of realty company Emaar MGF Shravan Gupta in Delhi in connection with the ongoing probe into money laundering in the over Rs 3,600 crore VVIP helicopter purchase scam worth over Rs 16 crore. Have attached land and farmhouse. The central agency said in a statement that a charge sheet has been filed against the businessman in this case and extradition proceedings are underway against him after he fled the country in November 2019.