India will push through financial sector reforms: PM
He said the country had already removed most barriers to Foreign Direct Investment in the manufacturing sector, but would like to see higher FDI inflows in infrastructure.
By PTI |
LONDON: Prime Minister Manmohan Singh on Tuesday exuded confidence that India, in the long run, would be able to forge a meaningful political consensus and take forward reforms in key services sectors including legal and finance.
"Our government would like to see a further liberalisation of trade in services, including financial and legal services. I am aware that there is great interest in Britain in our financial sector," he said addressing the India-UK Investment Summit here.
Greater liberalisation of India's financial sector, especially banking and insurance, has been a long-standing demand of US and the European countries, but resisted by the Communist parties that support the UPA coalition in New Delhi.
Singh said: "I do believe we need to promote a widely held pension fund system. We need a much larger insurance sector, with a higher capital base with more diverse products.
"It is these which will generate the necessary long term funds for investing in a debt market and make available resources for investment needs of our country, particularly in the vital infrastructure sector."
He said the country had already removed most barriers to Foreign Direct Investment in the manufacturing sector, but would like to see higher FDI inflows in infrastructure.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
