New Delhi :Foreign direct investment in the insurance sector more than doubled to USD 341.43 million during March-September this year, Parliament was informed today.
During March-September 2014, the sector had received FDI worth USD 135.30 million, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
She also said that FDI in Railway infrastructure was opened in August 2014 and “data on FDI inflows on this sector is not separately maintained”.
She said FDI directly supplements the domestic capital and brings technology and skill in the sectors of direct entry.
“It has indirect multiplier effects on other related sectors also thereby stimulating economic growth leading to increased production, exports and employment generation,” she said.
Replying to a separate question, the minister said foreign investments made by NRIs which also includes investments by Persons of Indian Origin and Overseas Citizens of India during July 2014 and June 2015 increased to Rs 796 crore as against Rs 732 crore in the same period last year.