India Opens Nuclear and Insurance Sectors to Global Investment

India's federal cabinet approved vital changes to the nation's atomic energy laws and liberalized the insurance sector for foreign investors. These moves aim to draw billions of dollars into these critical areas, supporting nuclear expansion and boosting FDI in insurance to 100%.

In a bid to attract significant foreign investment, India's federal cabinet has approved significant changes to the atomic energy laws and fully opened its insurance sector. This bold policy shift aims to draw billions into two fundamental areas of the country's economy.

India plans an ambitious expansion of its nuclear power capacity by 12-fold by the year 2047, moving away from coal to uphold climate commitments. By ending the state monopoly and changing liability provisions, India aims to invite private participation and encourage foreign technology suppliers.

In a parallel move, the government has proposed to increase foreign direct investment in the insurance sector from the current 74% to a full 100%. These legislative changes are listed for approval in the ongoing winter session of parliament.

(With inputs from agencies.)