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Friday, October 5, 2012

Big Bang-2 opens up India


Finance Minister P. Chidambaram
Unfazed by the political storm brewing across the country, Prime Minister Manmohan Singh went ahead to push through the second round of big ticket reforms.

On Thursday, the UPAII, in a crucial Cabinet meeting, cleared foreign direct investment (FDI) in insurance and pension and raised the cap to 49 per cent.

“The FDI limit in pension will follow FDI limit in insurance. If the insurance Bill passes with 49 per cent, pension will also be 49 per cent (sic),” Union finance minister P. Chidambaram announced. The Cabinet also cleared the Companies Amendment Bill.

To read full story, please visit Deccan Chronicle Hyderabad