Cabinet clears pension, insurance reform for parliament

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The cabinet approved bills for foreign investment in insurance and pensions on Thursday in the latest move by Prime Minister Manmohan Singh to restore confidence in the flagging economy, but the reforms will face a tough fight in parliament.

Under the bills cleared by the cabinet, the cap on foreign money in insurance companies would rise to 49 per cent, Sports Minister Ajay Maken told reporters after the cabinet meeting at Singh's residence.

He did not give details of the pension bill.