New Delhi: India Inc on Thursday lauded the Cabinet's decision to approve legislative changes that will allow up to 49 per cent foreign equity in the pension sector and hike such limit in insurance to 49 per cent from 26 per cent, calling it "landmark" and "pathbreaking".
The Cabinet meeting, presided over by Prime Minister Manmohan Singh, also approved other long-pending measures such as crucial changes in the Companies Act, and giving greater autonomy to the regulator to introduce more commodities and options for futures trading.
"The new instalment of big bang reforms is a clear message that the government is determined to strengthen the economy," RV Kanoria, president of Federation of Indian Chambers of Commerce and Industry (FICCI) said.
According to him, while these forward-looking measures would infuse much-needed capital in the insurance and pension sectors, there is an imperative need to make investment guidelines more flexible so that such funds can be used to support infrastructure development....more
01:13 AM, Oct 05, 2012