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Cabinet allows FDI in pension, hikes cap for insurance

In second wave of reforms decisions within a month, the Union cabinet cleared FDI in pension sector while hiking the FDI limit in insurance to 49%

Unfazed by the uproar over decision on foreign direct investment (FDI) in retail, the Union Cabinet on Thursday announced some big-ticket reforms like opening pension sector to foreign investment and raising FDI cap in insurance sector.

 

The Pension Fund Regulatory and Development Authority (PFRDA) Bill seeks to open up the pension sector to FDI of up to 26% while the Insurance Laws (Amendment) Bill seeks to raise the FDI cap in insurance sector to 49% from 26% at present.

 

This is the second wave of reforms decisions to be undertaken by the government within a month. On September 13, the government had approved the decision of allowing 51% FDI in multi-brand retail, besides relaxing FDI norms for civil aviation and broadcasting sector.

 

The decision on FDI in retail triggered a major uproar, with some allies and opposition parties launching a massive attack on the government. Trinamool Congress even withdrew support to the government.

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COMMENTS

M G WARRIER

5 years ago

Nice one. There is one aspect of the current trend in GOI action which mainstream media and most of us who keep a track of events affecting us are either ignoring or closing our eyes. That is the process of decision making which precedes deliberations and debates. Occasionally, MMS swears that ‘we are not influenced by external pressures’ (obviously such averments come when he himself finds pressures unbearable!). If the democratic process is not put back on track, we are heading towards a dead end from where diversion to any side will be suicidal.

MOHAN

5 years ago

Achievements of Congress

First Achievement ...... FDI in Politics !

then .....

FDI in aviation,

FDI in Broadcast

FDI in Multi-brand Retail

FDI in Single -brand Retail

FDI in Insurance

FDI in Pension

Wife of Kingfisher employee commits suicide over salary woes

A suicide note purportedly written by the wife was recovered from the spot in which she spoke of being under financial stress due to non-payment of salary to her husband

 
New Delhi: The wife of an employee of crisis-ridden Kingfisher Airlines on Thursday allegedly committed suicide, apparently depressed over financial stress due to non-payment of salary to her husband, reports PTI.
 
Susmita Chakarvarti (45), the wife of Manas Chakarvarti who is a ground staff in Kingfisher Airlines, was found hanging from the ceiling in her DDA flat in south-west Delhi's Manglapuri at around 1:30PM.
 
She was rushed to a nearby hospital where she was declared brought dead.
 
A suicide note purportedly written by her was recovered from the spot in which she spoke of being under financial stress due to non-payment of salary to her husband.
 
"In the note, she said that her husband has not got salary for the past four-five months and that she was unable to cope up with the situation," AK Ojha, Additional Commissioner of Police (South-West), told PTI.
 
The body has been sent for postmortem.
 

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COMMENTS

Dr Anantha K Ramdas

5 years ago

My apologies - I did not "enjoy" reading this article, but felt sad and depressed.

Whatever the reasons that caused her to take the extreme step, this kind of tragedy must stop.

I pray that she may rest in peace and all Kingfisher employees get their dues without any further delay.

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