Cabinet to consider FDI in pension, insurance today

Last Updated: Thu, Oct 04, 2012 05:33 hrs

The Union Cabinet is expected to consider another big-ticket reforms on Thursday, which includes opening pension sector to foreign investment and raising FDI cap in insurance sector to 49 percent.

The Cabinet will also consider the Forward Contract Regulation Act (Amendment) Bill to empower commodity markets regulator FMC with greater financial autonomy, facilitate the entry of institutional investors and introduce new products for trading such as options and indices.

It will also take up the Companies Bill to bring all sectors under the Companies Act, amendment to the Competition Act and a proposal for operationalising the Infrastructure Development Fund (IDF).

This is the second wave of reforms decisions to be undertaken by the government within a month.

The government is already facing intense pressure from the opposition over a slew of reforms that it announced last month.

It has also lost the support of the Mamata Banerjee-led Trinamool Congress (TMC), which has withdrawn its support over the move to allow FDI in multi-brand retail, a cap on the number of LPG gas and diesel price hike. (ANI)

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