Govt intends to speed up economic reforms: Chidambaram

Jaipur, Jul 23 (UNI) After winning the vote of trust in the Lok Sabha yesterday, the UPA Government now intends to speed up the process of economic reforms and seeks support from other parties for the purpose, Finance Minister P Chidambaram said here today.

''We intend to speed up the process and Prime Minister Manmohan Singh had made the government's intention clear in his reply to the debate on the trust vote motion last evening,'' Mr Chidambaram told reporters here.

The Finance Minister said several important bills pertaining to economic reforms, other Finance Ministry affairs and other Ministries like Labour, Women and Child Development and Ministry of Social Justice, were pending before the Parliament, and the government would work to advance the process of their passage.

Mr Chidambaram said, ''We will take stock of the situation and will reach out to other parties even to those which had voted against us but favour economic reforms, to seek their support for getting these vital Bills passed in the Parliament.'' The Bills included the Insurance Bill proposing several reforms and amendments in the existing law, including raising of FDI ceiling in insurance sector from present 26 per cent to 49 per cent.

The Left Parties did not agree to support the Bill raising objection on hiking the above ceiling, he added.

Mr Chidambaram was in the town to inaugurate the general insurance company launched by Shriram Group as joint venture with South African giant Sanlam.

UNI SS SG GC1542