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The Union Cabinet on Thursday is expected to consider key economic reform legislations to raise foreign direct investment in insurance and empower SEBI to act against ponzi and illegal deposit schemes.
It is also likely to take a decision on whether India would ratify a trade facilitation pact at the World Trade Organisation, which is to be formalised by July-end. In addition, the Cabinet Committee on Economic Affairs will take call on releasing 10 million tonnes of wheat in the open market.
In the Budget, Finance Minister Arun Jaitley had announced raising the FDI cap in insurance to 49 per cent from 26 per cent. This needs an amendment in the Insurance Act, which is pending in the Rajya Sabha for some time now. The Government is now pushing hard to approve the amendments so that the Bill can be brought in the ongoing session of Parliament.
A revision in FDI cap in insurance will also revise the limit for the pension sector.
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