Brown pleased with reforms in India's economy

British Chancellor Gordon Brown said today that he was pleased with the reforms in India’s economy that allow for greater foreign involvement and could benefit British companies.

Speaking to reporters after a meeting with Indian Finance Minister P. Chidambaram, Brown specifically praised financial services sector reforms and a new proposal that aims to increase the level of foreign shareholding in the country’s insurance companies.

Brown said that Chidambaram “indicated that he would be introducing a bill in parliament next month that proposes to increase the limit of permitted foreign direct investment in insurance companies to 49% from 26%”.

Brown said he has been assured of a “level playing field” for British telecom company Vodafone’s bid for a stake in Indian mobile-phone operator Hutchison Essar.