The Hindu : Business : Snow welcomes higher FDI in insurance

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Thursday, Nov 10, 2005

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Snow welcomes higher FDI in insurance

Special Correspondent

U. S. Treasury Secretary looks forward to further ties in financial services

NEW DELHI: Commending India's efforts to raise the foreign direct investment (FDI) ceiling in the insurance sector to 49 per cent from the existing 26 per cent, the United States on Wednesday maintained that it was looking forward to a further deepening of mutual economic ties in the financial sectors and real estate.

Speaking to newspersons here after his meeting with Planning Commission Deputy Chairman Montek Singh Ahluwalia, the U.S. Treasury Secretary, John Snow, said his discussions with Dr Ahluwalia pertained to a further strengthening of U.S. ties with India in sectors such as real estate, banking, credit markets and financial services. "We are here to discuss various issues in the financial sector and look forward to continuing the discussion,'' he said.

Dr Ahluwalia said his discussions with Mr. Snow were in continuation of the issues that Prime Minister Manmohan Singh had taken up during his recent Washington visit. He said the U.S. view was that "if we want to develop infrastructure, we have to develop finance and bond markets. [The] growth of the insurance and pension funds would lead to growth in the bond market.

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