NEW DELHI: India's finance minister said on Friday that he expected parliament to approve legislation lifting the cap on foreign investment in insurance to 49 percent from 26 percent in the next session of parliament that will end in December.

P. Chidambaram told reporters the proposed legislation had key opposition support.

He said he was also hopeful that one or two foreign chains may enter the supermarket sector, part of government's moves to revive foreign investment in Asia's third largest economy growing at its slowest pace in a decade.