(MENAFN) India's insurance market is set to boost with a panel of the Upper House (Rajya Sabha) expecting to raise foreign equity to 49 percent from the current 26 percent, QNA reported.
The Insurance Amendment Bill, pending approval for over a decade, is set for House approval after the Indian National Congress party today withdrew its opposition to the legislation.
The panel will submit its report tomorrow in the Upper House. The Bill is likely to be approved next week, local media reported.
The Finance Minister hoped the insurance market would boost once the parliament passes the Bill.
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