Indian cabinet approves reforms
India's Cabinet pushed ahead with a second wave of economic reform proposals Thursday, endorsing higher levels of foreign investment in insurance and pension funds and amendments to laws governing competition, Finance Minister Palaniappan Chidambaram said. Nearly all of the new measures have to be approved by Parliament, where support is questionable and the governing coalition controls only a minority of seats. Nevertheless, the government appeared to be focused on keeping up the momentum created by a first round of economic measures announced last month aimed at bringing in foreign investment, strengthening the rupee and reversing the country's slowing economic growth. Officials told reporters the decisions being made were crucial.