By Bappa Majumdar
NEW DELHI, April 9 (Reuters) – India’s main opposition party will not block government plans to open the insurance and pension sectors to foreign investments if it helps the people, but opposes a nuclear liability bill, its leader said on Friday.
Prime Minister Manmohan Singh’s coalition government wants to open up the insurance sector by raising the limit on foreign direct investment to 49 percent from the present 26 percent.
The government also wants to allow foreign funds to hold a maximum 26 percent in joint ventures with Indian firms in the pension sector.
The finance ministry has also proposed revising FDI norms in the pension sector in line with norms in the insurance sector.
The government has postponed placing these bills in parliament until it is sure about a consensus from its allies and main opposition parties after facing huge protests in the past.