Listing of PSU insurers to happen one-by-one: Shaktikanta Das

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New Delhi | Updated: June 16, 2016 10:53 PM

The process of listing of four public sector general insurance companies will begin one by one and "lot of action" is expected on the front in next few months, a top official said today.

Shaktikanta DasCommenting on the narrowing down Current Account Deficit (CAD) numbers, released by RBI this evening, Das said it is a “significant” achievement over the previous year. (Reuters)

The process of listing of four public sector general insurance companies will begin one by one and “lot of action” is expected on the front in next few months, a top official said today.

“In the last Budget, government has announced listing of various public sector insurance companies and that is work in progress.

“We expect that the process of listing of the insurance companies will begin one-by-one. Modalities are being worked out and I think we should see lot of action on that front in the next few months,” Economic Affairs Secretary Shaktikanta Das said at the Economic Times ‘BFSI Best Brands’ Summit.

Also Read:FDI inflows in 2016-17 to top 15.3% growth in 2015-16: Shaktikanta Das

In his Budget speech, Finance Minister Arun Jaitley had proposed listing of four wholly-owned PSU general insurance companies.

The four companies are New India Assurance Company, National Insurance Company, Oriental Insurance Company, United India Insurance Company.

Insurance sector regulator IRDAI yesterday released draft guidelines for Indian listed insurance companies.

As of now, no insurer, either private or state-owned are listed. However, several of them shown intent to tap the IPO route and get listed.

Commenting on the narrowing down Current Account Deficit (CAD) numbers, released by RBI this evening, Das said it is a “significant” achievement over the previous year.

“If you see this figure (of CAD) along with fiscal deficit, revenue deficit figures and all the other macro-economic parameters that we have, contextually we can say that Indian economy is doing well.

The fundamentals are robust, especially when we have strong global headwinds,” he said.

He said India should consolidate on its fundamentals to achieve much higher growth.

“7.6 per cent growth in the last year is not enough…I am sure we can do better,” Das said. (MORE) PTI NKD MR 06162146

DAS-INSURANCE Listing of PSU insurers to happen one-by-one: DEA Secretary

New Delhi, June 16 (PTI) The process of listing of four public sector general insurance companies will begin one by one and “lot of action” is expected on the front in next few months, a top official said today.

“In the last Budget, government has announced listing of various public sector insurance companies and that is work in progress.

“We expect that the process of listing of the insurance companies will begin one-by-one. Modalities are being worked out and I think we should see lot of action on that front in the next few months,” Economic Affairs Secretary Shaktikanta Das said at the Economic Times ‘BFSI Best Brands’ Summit.

In his Budget speech, Finance Minister Arun Jaitley had proposed listing of four wholly-owned PSU general insurance companies.

The four companies are New India Assurance Company, National Insurance Company, Oriental Insurance Company, United India Insurance Company.

Insurance sector regulator IRDAI yesterday released draft guidelines for Indian listed insurance companies. As of now, no insurer, either private or state-owned are listed.

However, several of them shown intent to tap the IPO route and get listed.

Commenting on the narrowing down Current Account Deficit (CAD) numbers, released by RBI this evening, Das said it is a “significant” achievement over the previous year.

“If you see this figure (of CAD) along with fiscal deficit, revenue deficit figures and all the other macro-economic parameters that we have, contextually we can say that Indian economy is doing well. The fundamentals are robust, especially when we have strong global headwinds,” he said.

He said India should consolidate on its fundamentals to achieve much higher growth.

“7.6 per cent growth in the last year is not enough…I am sure we can do better,” Das said.

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