FM assures fiscal reform push

FM assures fiscal reform push
Highlights

Says to raise FDI in insurance, pension sectorsA Finance Minister P Chidambaram on Friday exuded confidence...

Says to raise FDI in insurance, pension sectorsA

p chidambaramFinance Minister P Chidambaram on Friday exuded confidence that the government would be able to move ahead with the proposal to raise the FDI cap in insurance and pension sectors.

Addressing 46th ADB conference, he assured the delegates that India's economic growth rate would accelerate over 8 per cent in the next three years, from about 5 per cent during 2012-13. "FDI regime in areas like multi/single brand retail, airlines etc., have been further liberalised and I am confident there will be a forward movement in areas like insurance and pensions," Chidambaram said.

The Insurance Amendment Bill to raise FDI cap in the insurance sector from 26 per cent to 49 per cent is pending in Rajya Sabha since 2008. A Parliament has not been able to function properly with the Opposition raising the issue of coal and other scams and disrupting the sittings.

As regards the economic growth, Chidambaram said, "between 2004 and 2008 we grew at an average of 8.5 per cent. We have slipped in the last couple of years. Why should not we climb back to 8 (per cent)? I am giving myself three years to get back to that."

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