Wednesday, Feb 23, 2005
Wednesday, Feb 23, 2005 |
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By Our Special Correspondent
NEW DELHI, FEB. 22. As for financial services, the thinking is to raise the FDI ceiling from 40 to 74 per cent in the insurance sector to bring about a greater infusion of funds from abroad. The increased FDI limit, however, will include investments from overseas corporate bodies (OCBs) and non-resident Indians. Sources stress that the increase in the FDI ceiling will be accompanied by a host of riders on the lines of those laid down recently in the telecom sector insisting on Indian chief executives being at the helm of affairs. A similar increase is envisaged for pension funds with the aim to bring about integration in the financial markets. Significantly, one of the proposals on the anvil is to allow provident funds to invest in pension funds. This will widen the market and enhance the resources available in this sector for investment in other areas. Pension funds are extremely large in many developed countries and have long been perceived as having potential to deepen and widen the country's financial markets.
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