The government is committed to clear the Insurance Amendment Bill that seeks to raise foreign direct investment (FDI) limit in the sector to 49 percent from the current 26 percent, minister of state for finance Namo Narain Meena said on Tuesday.

"This is under preparation and is being given a final shape for discussion in Parliament," Meena said on the sidelines of a seminar organised by the Federation of Indian Chambers of commerce & Industry (Ficci) and the Indian Banks' Association.

The country has 22 life insurance companies, 21 non-life firms and one reinsurer, according to the Insurance Regulatory & Development Authority data.

The government is also "actively considering' enactment of the Pension Fund Regulatory & Development Authority Bill," he said. This Bill will give statutory powers to the interim pension sector regulator, while empowering the PFRDA to regulate the new pension scheme as well as pension funds.

"The continuance of financial sector reforms is part of the government's strategy to ensure growth momentum,"the minister said. "There are signs of revival in the domestic industry and foreign investors have also returned to Indian markets in the last couple of months. It is possible that the two worst quarters since the global financial meltdown are behind us.