India Unveils Major Reforms in Atomic and Insurance Sectors

India's cabinet has approved significant reforms in atomic energy laws and the insurance sector to attract foreign investment. The nuclear sector aims to boost capacity to 100 gigawatts by 2047, while the insurance sector plans to remove the foreign ownership cap.

In a landmark move, India's cabinet has announced significant policy changes aimed at revitalizing the atomic energy and insurance sectors, sources revealed on Friday. The initiative seeks to draw substantial foreign investments by breaking the longstanding state monopoly over nuclear energy and loosening liability restrictions.

The government's ambitious plan to increase nuclear capacity to 100 gigawatts by 2047 is a pivotal part of its strategy to reduce coal dependency and meet its climate goals. Meanwhile, in the insurance domain, adjustments include lifting the 74% cap on foreign ownership of Indian insurance firms.

Foreign investors aiming for full ownership must ensure an Indian resident fills one of the top leadership roles, such as chair or CEO, a third source stated. Notably, the proposal for a unified insurance licence was scrapped after assessing that Indian companies are currently ill-equipped for such a regime.