{"id":20730,"date":"2022-02-02T19:43:12","date_gmt":"2022-02-02T14:13:12","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ld-fdi-lic-2\/"},"modified":"2022-02-02T19:43:12","modified_gmt":"2022-02-02T14:13:12","slug":"biz-ld-fdi-lic-2","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ld-fdi-lic-2\/","title":{"rendered":"DPIIT to soon seek Cabinet approval on FDI policy changes for LIC: Secretary"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3623972279\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Feb 2 (PTI) The Department for Promotion of Industry and Internal Trade (DPIIT) will soon approach the Union Cabinet to seek its approval on changes in the foreign direct investment (FDI) policy to facilitate disinvestment of the country&#8217;s largest insurer LIC, a top government official said on Wednesday.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1110752555\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> DPIIT Secretary Anurag Jain said an inter-ministerial consultation on the matter is at its last stage.<\/p>\n<p> &#8220;Hopefully, it should happen very soon&#8230; All the comments that will come (from different departments) will be supportive (of the proposal),&#8221; he told reporters.<\/p>\n<p> He also expressed hope that the Cabinet will soon take up this proposal.<\/p><div class=\"trade-content_5\" id=\"trade-303305918\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The DPIIT is making changes in the FDI policy to facilitate disinvestment of LIC, after taking views from the finance ministry.<\/p>\n<p> According to the current FDI policy, 74 per cent foreign investment is permitted under the automatic route in the insurance sector. However, these rules do not apply to Life Insurance Corporation of India (LIC), which is administered through a separate LIC Act.<\/p>\n<p> As per Sebi rules, both FPI and FDI are permitted under public offer. However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with Sebi norms regarding foreign investor participation.<\/p>\n<p> The Cabinet had in July last year approved the initial public offering (IPO) of LIC and the stake sale is being planned in the current March quarter.<\/p>\n<p> The finance minister has directed that the disinvestment has to be completed during the current financial year, &#8220;so, obviously, we will try to expedite it (Cabinet note) as much as possible,&#8221; he added.<\/p>\n<p> On the Budget, the secretary said the Budget has given a clear way forward and now, it is up to the industry and entrepreneurs to take up the challenge and take India towards Vision 2047.<\/p><div class=\"trade-content-10\" id=\"trade-2341457170\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Talking about National Logistics Policy, the secretary said that by and large, the major issues of the policy have already been incorporated in the PM GatiShakti National Master Plan.<\/p>\n<p> &#8220;So, whatever was attempted to achieve through the policy a major portion of that is already out,&#8221; he said.<\/p>\n<p> He added that the Budget has announced several measures to boost domestic manufacturing. PTI RR  HRS hrs<\/p>\n<div class=\"trade-after-content\" id=\"trade-2765937617\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Feb 2 (PTI) The Department for Promotion of Industry and Internal Trade (DPIIT) will soon approach the Union Cabinet to seek its approval on changes in the foreign direct investment (FDI) policy to facilitate disinvestment of the country&#8217;s largest insurer LIC, a top government official said on Wednesday. DPIIT Secretary Anurag Jain said [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1516,31],"tags":[],"class_list":["post-20730","post","type-post","status-publish","format-standard","hentry","category-ipo","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DPIIT to soon seek Cabinet approval on FDI policy changes for LIC: Secretary - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ld-fdi-lic-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DPIIT to soon seek Cabinet approval on FDI policy changes for LIC: Secretary\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Feb 2 (PTI) The Department for Promotion of Industry and Internal Trade (DPIIT) will soon approach the Union Cabinet to seek its approval on changes in the foreign direct investment (FDI) policy to facilitate disinvestment of the country&#8217;s largest insurer LIC, a top government official said on Wednesday. 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