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In 2014, people of India gave a clear mandate of reforms and put a full majority government in power after 30 years of coalition and the government so far failed to push through any potential reform as it lacks majority in the upper house until today.
- However the government has been successful in pushing the insurance bill today. Upper hose Rajya Sabha has passed the bill which now will go to President Pranab Mukherjee for signing it into law.
- The bill allowed the provision for foreign companies and investors to increase stakes in local insurance companies from current 26% to 49%.
- Britain's Standard Life, which wants to list its local partnership with HDFC
- Mitsui Sumitomo of Japan and UK-based health group Bupa might increase their stakes in MAX India separately.
- Japan's Nippon Life might also increase its stake in Reliance life, run by billionaire Anil Ambani.
This provide evidence that the government is to continue on its promises and further reforms like FDI in defense sector could be on its way in coming months.
Indian stock market and Rupee is expected to further cheer over the recent performance. INR is trading 62.40 against dollar, up more than 0.50% for the day.
