India's Congress signals it could back Modi's insurance reform plan

November 24, 2014 3:02 PM

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India's Congress signals it could back Modi's insurance reform plan

NEW DELHI (Reuters) - India's main opposition Congress party signaled on Monday it could support government legislation to liberalize the insurance industry, a long-delayed reform expected to help improve investor confidence.

Prime Minister Narendra Modi proposed in August to lift the cap on foreign investment in insurance ventures from 26 percent to 49 percent, but the opposition blocked the move in the upper house of parliament, where he lacks a majority.

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