Govt. firm on banking, insurance reforms : PM

New Delhi, Oct 4: Notwithstanding lack of consensus within the UPA on the issue of banking and insurance sector liberalisation, Prime Minister Manmohan Singh has expressed his government's resolve to ''push forward'' the reforms in the two areas.

''Well, there are problems. I think we need to push forward the reforms of the banking system, the reforms of the insurance system...Now unfortunately, these reforms are blocked because we don't have a consensus in our coalition, but we keep on trying,'' the Prime Minister said.

The Prime Minister told reporters who accompanied him on his three-day visit to South Africa that the country needed a large amount of investment amountng to 150-200 billion US Dollars in the next seven or eight years for infrastructure development.

Infrastructure everywhere required long-term money. There was, therefore, a need to create a strong debt market which could come only when the insurance industry and pension fund activity was given a boost.

''Therefore, we need liberalisation of the banking and the insurance sectors,'' he added.

UNI