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India backs insurance goverhaul
the government also hoposes that easing foreign ownership limits will attract much-needed investment, after a year in which foreign investors have pulled out more than $12bn (Â7.4bn) from indian markets .
waiting game the government raised the limit for foreign ownership to its current level of 26% in march 2000 and has been keen to increase the limit ever since .
multinational insurers would been keen to move in to the rapidly developing indian market, where almost nine out of 10 workers do not contribute to pension schemes .
until now, it has been thwarted in its efforts to do so by communist partners, who withdrew their support for the government in july this year .
the indian government has approved a new bill that paves the way for foreign investorship to take much larger stakes in domestic insurance companies .
Generated 2008-11-2_14:2
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