Will seek support of all parties on reforms: Chidambaram

The government will seek the support of all political parties to push through the legislative economic reforms like the banking and insurance bills, Finance Minister P Chidambaram said today.

“The political temper is high as of now. Once it cools down, I will be able to reach out to every section of Parliament as there is virtually consensus among all political parties on economic reforms barring a few,” Chidambaram said at a book release function here today.

The amendment in the Banking Regulation Act is aimed at relaxing the 10 per cent cap on voting rights of foreign investors in private sector banks while the insurance bill proposes to increase foreign direct investment limit in insurance companies to 49 per cent from 26 per cent at present.

However, contrary to general perception, he said that non-legislative reforms are continuing. “Non-legislative reforms are continuing and we will do more of that in the next six to eight months,” Chidambaram said.