The recent Economic Survey Report of 2023, tabled before the parliament by the Financial Minister Nirmala Sitharaman reviews the performance of the Indian economy in the last year. India is the seventh largest recipient of FDI in the top 20 host countries in 2021 are expecting wide improvisation in the coming year.
In FY22 India received the highest-ever FDI inflows of US$ 84.8 billion including US$ 7.1 billion FDI equity inflows in the services sector. To facilitate investment, various measures have been undertaken by the Government.
The recent Economic Survey Report of 2023 implicates the focus of the new budget 2023 on increasing FDI in the service sector by pointing out the significance of the Liberalisation Policies Service Sector.
The FDI ceiling in insurance companies was also raised from 49 to 74 per cent, under Automatic Route. Further, the Government has allowed 20 per cent foreign investment in Life Insurance Corporations (LIC) under the automatic route.
The Indian Insurance sector is at an inflexion point. India will be one of the main drivers of global insurance industry growth over the next decade. In line with the Government of India’s vision towards Financial Inclusion and a strong emphasis on accelerating reforms, IRDAI.
As per the survey report, during FY23, has implemented the following measures to increase accessibility, innovation, competition, distribution efficiency, and choice availability while mainstreaming technology and moving towards a principle-based regime.
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