New Delhi (PTI): A day before Budget, UK-based insurance firm Aviva on Sunday said it is keen on raising FDI to 49 per cent in the Indian venture subject to policy liberation.

"Both Dabur and Aviva remain fully committed to growing the India operations and will infuse capital, based on the business requirement. We eagerly look forward to the Foreign Direct Investment (FDI) limit going up to 49 per cent," said Aviva India CEO and Managing Director T R Ramachandran.

Aviva India is 74:26 joint venture with FMCG major Dabur and UK-based Aviva Plc.

Insurance is capital intensive and a long-term gestation business, Ramachandran said, adding, as a result, capital is critical to both the sustenance and growth of the industry.

Increasing the FDI limit would help the insurance sector to further expand, launch innovative distribution channels, upgrade technology, enhance the current product portfolio and bring in global best practices, he said.

In addition, it will also benefit the Indian economy, he said, adding a simple calculation shows that raising the FDI limit to 49 per cent will almost double the total FDI in the life insurance industry from the current levels of approximately Rs 5,600 crore.