Chidambaram: Increasing FDI in insurance sector is top priority for UPA

Finance Minister P Chidambaram has said that increasing foreign direct investment in the insurance sector is top priority for the ruling UPA. He was speaking at the Peterson Institute in Washington yesterday.

He said the sticking point is on whether FDI cap should be 26% or raised to 49%. Chidambaram appreciated the efforts of the insurance industry in reaching out to opposition parties and hoped that this would help political parties understand the issues and help in the passage of the bill.

Noting that without growth there will be neither inclusiveness nor development, he said most state governments have now realized that implementation of programs is the key.

He added that even incumbent governments which are seen to have delivered are being re-elected.
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