New Delhi: The Lok Sabha on Wednesday passed a Bill to increase foreign investment limit in local insurers to 49 per cent from 26 per cent.
The passage of the bill in both the houses of Parliament is critical to make an executive order, which PM Narendra Modi's government issued in December, permanent.
The bill now faces its real test in the upper house of parliament where the ruling Bharatiya Janata Party (BJP) is in a minority and is dependent on opposition parties to pass the legislation.
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