India got $185 mn FDI in insurance from March-May

New Delhi: India received USD 184.97 million (about Rs 1,186 crore) foreign direct investment (FDI) in the insurance sector during March to May this year, Parliament was informed on Friday.

The FDI inflow was USD 47.14 million in the similar period last year, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

In April, the Reserve Bank had notified the government's decision to raise foreign direct investment limit in the insurance sector to 49 percent.

As per the guidelines, FDI of up to 26 percent comes under the automatic route, while for inflows beyond that and up to 49 percent, government approval is needed.

The minister said that data on FDI inflows in railway infrastructure is not separately maintained.

She also said the FDI policy on real estate has not been revised recently.

Overall foreign inflows in the country rose by 27 percent to USD 30.93 billion during the previous fiscal. The amount was USD 24.29 billion in 2013-14.