The financial services sector has been an important contributor to India’s GDP accounting for nearly 6% share in 2014-15. The audit, consulting and advisory services market, including those for professional services, in India is pegged at around £ 1 billion, and growing at 10% annually. Indian Government is liberalising the sector. The Insurance Laws (Amendment) Act which includes a key provision allowing foreign investors to increase stakes in local insurers from 26% to 49% was passed in March, 2015. Foreign Investments are to be allowed in Alternative Investment Funds. The distinction between different types of investment (i.e. Foreign Portfolio Investments and Foreign Direct Investment) is to be replaced with composite caps which will create headroom and flexibility for overseas investors.