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Hyderabad, Jan. 20

WITH the first phase of the Financial District here nearing completion, hosting the representative offices of various banks, financial institutions and the insurance regulator, the State Government is now planning to take up the second phase to attract more institutions.

Addressing the Ninth Insurance Summit organised by the Confederation of Indian Industry (CII) here on Thursday, the Chief Minister, Dr Y.S. Rajasekhara Reddy, said the Government expects to complete the first phase of the Financial District, taken up in 160 acres, in a month's time.

The second phase is likely to be built on 200 acres with the latest infrastructure.

Stating that his Government provides high priority to the agriculture sector, Dr Reddy urged the insurance companies to address the problems of the farming community and people in the rural areas by evolving suitable insurance products and schemes. According to him, the insurance penetration in the rural areas was very poor.

The Union Finance Ministry Joint Secretary, Mr U.K. Sinha, said the new pension system (NPS) currently being developed by the Centre would address some of the key problems of the farming community and large number of workers in the unorganised sector. He congratulated the State Government for joining the NPS along with five more States so far.

The Chairman of Insurance Regulatory and Development Authority (IRDA), Mr C.S. Rao, said the Authority has been initiating several measures aimed at enlarging the insurance coverage in the rural areas. He assured all efforts towards popularising the insurance in the rural areas.

(This article was published in the Business Line print edition dated January 21, 2005)
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