Government keen on speeding up reforms: FM P Chidambaram to India Inc

NEW DELHI: Finance Minister P Chidambaram today informed India Inc that the government is keen on speeding up reforms and hoped legislation for raising FDI in insurance sector will be passed in the Winter Session of Parliament.

"The Finance Minister...absolutely would like to see them (the key economic reform) happen and is looking for all us to work together...," FICCI Senior Vice-President Naina Lal Kidwai told reporters after the meeting.

Chidambaram, who had invited representatives of CII, Ficci and Assocham, held a two-hour meeting with them.

Kidwai said the industry too wants the key economic Bills for raising ceiling of FDI in insurance sector, opening pension sector for FDI and amendment to banking laws to be tabled in Parliament should be passed at the earliest.

Kris Gopalakrishnan, President designate of CII, said the industry leaders discussed about infrastructure, IT and banking and finance beside other issues.

Assocham President Rajkumar N Dhoot said that Chidambaram stressed on the importance of passage of the three Bills in the forthcoming session of Parliament.

Sources, meanwhile, said the Union Cabinet is likely to take up the insurance and pension Bills tomorrow.

"We think the Minister (Chidambaram) will give many things to attract foreign investments in India," Assocham President Rajkumar N Dhoot said.

FICCI President R V Kanoria said while listening to the view points of the industry, the Finance Minister had an open approach.

"I think this government will be focused on decisions for growth and investment," he said, adding the minister wants consumers should get benefit of economic growth and employment opportunities are generated.

While welcoming the recent policy initiatives, CII President Adi Godrej said "there is a lot to be done for the economy and industry at the present moment".