Private investment: India cabinet approves opening of nuclear, insurance sectors

NEW DELHI: India’s federal cabinet approved sweeping changes to its atomic energy laws and fully opened the insurance sector to foreign investors, two government sources said on Friday, key policy moves aimed at attracting billions of dollars in two critical sectors.

India, which plans to expand nuclear power capacity 12-fold by 2047, is relaxing rules to end a decades-old state monopoly and overcome a stringent liability provision to allow private participation and attract foreign technology suppliers.

The changes in the nuclear sector are a part of a larger push to boost nuclear capacity to 100 gigawatts by 2047, as the country looks to cut coal dependence and meet its climate commitments.

In the insurance sector, the government has proposed increasing foreign direct investment to 100% from the existing 74%.