News: Foreign insurance cos capture 22% biz in India
(PTI 21/09/2006) London - Leading foreign insurance companies operating in India have captured 22 per cent of the total insurance business in the country within a short span of time, Minister of State for Commerce and Industry Ashwani Kumar has said.
"22 per cent of the Indian market has been captured by foreign insurance companies who are currently working with an Indian partner," Kumar said at an Interactive Session on Investment Policies and Opportunities in India, organised at the India House here last night, to attract foreign investments in diverse fields.
He said as a sequel to their success, the foreign insurance companies are keen to increase their investment in the Indian companies from 26 per cent to 49 per cent.
"There is a proposal under consideration but as of now there is no specific move in that regard," he later told reporters.
However, Kumar said, "Government is considering to increase the voting rights of the foreign companies in their ventures from the current 10 per cent to a maximum of 15 per cent. A Bill is before Parliament."
The minister's visit is being considered as a preparatory visit for Prime Minister Manmohan Singh's three-day visit to Britain from October 9 during which he will address an India-UK Investment Summit.
Addressing the gathering, Indian High Commissioner Kamalesh Sharma said India has emerged as the second largest investor in UK and more Indian companies were setting up their operations in Britain.
At present a total of 500 Indian companies are operating in UK and they have so far created 3,000 jobs in Northern Ireland, he said.
Lord Karan Bilimoria, Chairman of the India-British Partnership Network, said at present Britain's trade with India was less than one per cent of the global trade and there was vast scope to improve it.
"Potentiality in India in every field including manufacturing, apart from the knowledge-based industries is enormous," he said.
"22 per cent of the Indian market has been captured by foreign insurance companies who are currently working with an Indian partner," Kumar said at an Interactive Session on Investment Policies and Opportunities in India, organised at the India House here last night, to attract foreign investments in diverse fields.
He said as a sequel to their success, the foreign insurance companies are keen to increase their investment in the Indian companies from 26 per cent to 49 per cent.
"There is a proposal under consideration but as of now there is no specific move in that regard," he later told reporters.
However, Kumar said, "Government is considering to increase the voting rights of the foreign companies in their ventures from the current 10 per cent to a maximum of 15 per cent. A Bill is before Parliament."
The minister's visit is being considered as a preparatory visit for Prime Minister Manmohan Singh's three-day visit to Britain from October 9 during which he will address an India-UK Investment Summit.
Addressing the gathering, Indian High Commissioner Kamalesh Sharma said India has emerged as the second largest investor in UK and more Indian companies were setting up their operations in Britain.
At present a total of 500 Indian companies are operating in UK and they have so far created 3,000 jobs in Northern Ireland, he said.
Lord Karan Bilimoria, Chairman of the India-British Partnership Network, said at present Britain's trade with India was less than one per cent of the global trade and there was vast scope to improve it.
"Potentiality in India in every field including manufacturing, apart from the knowledge-based industries is enormous," he said.
posted by InCar Group Press Room at 11:31
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