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Reforms: Chidambaram upbeat

NEW DELHI: Finance Minister P. Chidambaram on Thursday said the three pending Bills pertaining to financial sector reforms – the Banking Regulation (Amendment) Bill, 2005, the Insurance Bill seeking to raise the FDI (foreign direct investment) cap to 49 per cent from the current 26 per cent and the Pension Fund Regulatory and Development Authority Bill, 2005 – would be passed. He was speaking at a book release function organised by the FICCI and the Centre for Civil Society here.

Mr. Chidambaram said his confidence stemmed from the fact that “barring one section in Parliament, every other Member and party leaders believe in reforms.”

He said he would canvass the support of the 400 MPs and said: “We can return to the legislative agenda when we reassemble in Parliament next.”

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