ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Different Voices

SO it is at last official. About three months ago the finance minister went on record that "as of now** he did not envisage the entry of foreign capital in the insurance sector. That coyness has disappeared. In his peroration before the Indo-US Business Council, the finance minister has made an almost emotion-laced pitch for massive foreign investments in the financial sector, and that includes insurance. There is evidently an urgency in the air; keeping up appearances for the sake of keeping up appearances has accordingly been considered to be an expendable luxury. A former governor of the Reserve Bank of India, whose adherence to the official line is beyond dispute, is under commission to Suthor the report which would be the green signal for privatising and globalising insurance activity. But the decision was reached to dispense with even such ceremonials. The finance minister is under stress, and launching of the romantic appeal could not wait any more: foreign insurance units, come soon, soon.

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