Indian cabinet approves pensions, insurance reforms

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Indian cabinet approves pensions, insurance reforms

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Indian cabinet on Thursday approved the pensions and insurance reforms.

04 October,2012 06:24 pm

Indias cabinet approved the opening up of the insurance and pension sectors to foreign investment in a new raft of reform measures aimed at reviving the flagging economy.The changes, which must be approved by parliament, will allow foreign companies to increase their ownership of Indian insurance companies from 26 percent to 49 percent, an official from the prime ministers office said.In the pensions sector, previously closed to outside investors, foreign groups will be able to buy up to 26 percent under the proposed policy change.