A day after President Pranab Mukherjee signed the Insurance Laws (Amendment) Ordinance; the finance ministry expressed hope that it would deepen the reform process in the economy and create an investor-friendly environment in the country.
“The proposed step is also for furtherance of the broad objective of deepening the reform process in the economy in general and the Insurance sector in particular.
This is of paramount importance to create an investor-friendly environment in the country to achieve the various goals related to enhanced investment, economic growth and job creation in the economy,” said a finance ministry statement on Saturday.
The Union Cabinet had on December 24 approved promulgation of an ordinance on the Insurance Laws (Amendment) Bill, 2008, just a day after the Winter Session of Parliament concluded with finance minister Arun Jaitley announcing that the “country can no longer wait”.
This was one of the longest pending financial sector reforms in the country and the government was perceived to be keen to go ahead with it before the scheduled visit of US President Barack Obama later next month.