Insurance FDI in focus

Chidambaram: Upbeat Washington, April 20 (PTI): Finance minister P. Chidambaram today said raising the foreign direct investment cap in the insurance sector was top priority for the ruling UPA government and hoped that a bill in this regard would be passed in the upcoming Parliament session. Chidambaram appreciated the efforts of the insurance industry in reaching out to the opposition parties and hoped that this would help in passing the bill. "Parliament opens on April 22. Insurance FDI is on the top of the agenda. We are stuck on one clause, FDI cap whether it should be 26 per cent or raised to 49 per cent. If the principal opposition party comes around, the bill will be passed," Chidambaram said at the Peterson Institute. "I am keeping my fingers crossed. I sincerely hope that the efforts of the insurance industry in speaking to the Opposition will be helpful and I can pass the bill," Chidambaram said. Noting that without growth there will be neither inclusiveness nor development, he said, "As long as the Congress is at the helm of affairs, I believe they will accept growth is necessary in order to lead to inclusive development." Visa assurance Flagging concerns of Indian companies on the H-1B visa issue in the latest US immigration bill, Chidambaram today told his American counterpart Jack Lew that temporary relocation of knowledge workers should not be confused with immigration. "There are some provisions related to the H-1B and L1 visas, which require a higher visa application fee, if certain threshold is crossed in employing Indians on site. I did flag it in my meeting with secretary Lew. Just made the point that temporary relocation of knowledge workers should not be confused with immigration," he said. http://www.telegraphindia.com/1130421/jsp/business/story_16809691.jsp#.UXPt9qKBlA0