Bharatiya Janta Party has set few goals which will be executed if the party wins the elections which are to be held in the month of May and one such step is of increasing the foreign investment limit from current 26% to a higher percentage in the insurance sector. This step of inviting more foreign participation is sure to grow our economy to over $45 billion insurance business and present government had already requested for an approval to increase the limit of up to 49%. This step towards relaxing insurance sector continuously faced rejections from opposition or people within the union.
This plan has also faced hurdles like rejection from employees at state-controlled insurance companies as they believe that involvement of foreigners will give all the authority in their hands esp. domestic savings which might harm the national interest.
Focusing on the slowest growth of economy in a decade, Jaitley said that BJP would work to revitalize investment to a better percentage from just 4.7 percent in the last year. He added that the plan of raising FDI to 49% is just a proposal on the drawing board.
The elections expected to take place in the month of April or May showcases that prime ministerial candidate Narendra Modi’s party, BJP, is looked forward as the single largest party with quality of forming a coalition government. Modi has highlighted the following points in his speeches- providing jobs to disaffected youths, bringing the economy back to its best and creating a strong government.
As per Jaitley, BJP does not want to put any danger on the retail sector and hence would not let the foreign investments enter this segment.