Chidambaran says government to speed up reforms

Jaipur, July 23 : Finance Minister P Chidambaram today said that the government would try to speed up reforms that could see passage of bills, including the insurance legislation.

"We will try to take the reform process forward. The insurance bill is one of many bills which is pending," he told reporters here.

He said the government, which won the trust vote in Parliament on Tuesday, would "reach out to other parties trying to build on the majority that we have demonstrated... and pass these bills."

The government scored a comfortable victory in the confidence vote by garnering the support of 275 lawmakers against the 271 needed to stay in power.

"I am confident that we can secure a comfortable majority for many of these bills if we talk to the other parties and that is what I intend to do," Chidambaram said.

The Finance Minister added that the insurance bill is a very important bill and it was necessary to find ways by which these bills can be taken forward.

The insurance bill would enable the government to raise FDI in insurance sector from 26 per cent to 49 per cent, he said.

Others bills that are due for passage relate to Ministry of Finance, Ministry of Labour, Women and Child Development, and Social Sector, Chidambaram said.

ANI