Thursday, October 4, 2012

Economic reforms round-2

49% FDI in insurance, 26% in pension sector
After foreign direct investment in multi-brand retail sector, the Union Cabinet hiked FDI limit in pension and insurance sectors. Still foreign investors would not be able to gain controlling shares of pension and insurance providing companies as the cap being fixed at 49 per cent for insurance sector and 26% for pension sector. 
This is against the recommendation of Parliament's standing committee on finance headed by BJP's Yashwant Sinha to cap FDI at 26%.

Companies Bill
Breaking a legislation deadlock Companies Bill gets the cabinet nod to incorporate crucial changes. The bill deals with the competition law.

Worth reading