Pension, insurance reforms likely soon: Chidambaram

Finance Minister P Chidambaram on Saturday indicated a breakthrough might be achieved soon on the politically charged issue of pension and insurance reform.

Linking the pending reforms to the massive investments needed for funding infrastructure development in the country, Chidambaram said: "We want to press ahead with pension and insurance reforms. We need a legislation in place. I am working with the coalition partners on the Pension Bill. We will hopefully see movement in the next few weeks."

The Left is opposed to many aspects of the proposed legislation. A Bill is pending in Parliament for allowing private pension fund managers to handle long-term savings. Another proposal relates to raising the foreign investment limit in insurance to 49 per cent from the present 26 per cent.

Chidambaram said his ministry was planning to implement the recommendations of the RH Patil report on deepening the corporate debt market. "Our mind is made up on this," he said.