Post trust vote, Govt puts reforms on fast-track

TARGET REFORMS: Passing the Insurance Bill and raising FDI caps from 26 to 49 pc is the first priority.

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Keywords: Banking Sector, Pension

New Delhi: With the UPA Government surviving a trust vote without the support of reforms-wary Left parties, Finance Minister P Chidambaram today said focus would now be on greater economic liberalisation, including relaxing FDI limit in sectors like insurance.

"On Tuesday, Prime Minister Manmohan Singh wanted to make a point on this in his reply after the debate on trust vote, but he had to table it due to uproar in Lok Sabha," Chidambaram said.

The focus now in greater economic liberalisation in pension, insurance and banking sectors. Passing of the Insurance Bill and raising FDI caps from 26 per cent to 49 per cent is the first priority.

Chidambaram said the Centre would now reach out to other political parties, including those that voted against the UPA government on the Indo-US nuclear agreement, for faster economic reforms and passing of the bills

When asked about the measures for containing inflation, he said, "It is not a new question. We have answered inflation-related questions every week. There is nothing new to add. It is driven by crude oil and commodities prices. It is imported inflation. We have taken monetary measures to curb it."

(With inputs from PTI)