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NEW DELHI - India's cabinet has approved sweeping changes to 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 part of the push to boost nuclear capacity to 100 gigawatts by 2047 as India looks to cut coal dependence and meet climate commitments.
In the insurance sector, the government has proposed removing the cap on foreign ownership of Indian insurance companies, currently set at 74%.
To qualify for 100% foreign direct investment, at least one of a company's chair, managing director or chief executive would have to be an Indian resident, a third government source said.
The government has also dropped an earlier proposal for an unified licence for insurance companies, the source said.
A unified, or composite, licence would have allowed insurers to provide life, general and health insurance under a single entity.
Currently, life insurers cannot sell products such as health insurance, while general insurers can only sell products ranging from health to marine.
The government felt that Indian insurance companies are not yet equipped to have a composite licence regime, the source said.
Both changes to laws are listed for approval in the ongoing winter session of parliament.
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