Retail win opens way for more reforms in India parliament: minister

NEW DELHI Fri Dec 7, 2012 10:30am GMT

Kamal Nath speaks during an interview with Reuters in New Delhi May 18, 2010. REUTERS/B Mathur

Kamal Nath speaks during an interview with Reuters in New Delhi May 18, 2010.

Credit: Reuters/B Mathur

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NEW DELHI (Reuters) - The Indian government's double victory in parliament votes on retail reform opens the way for financial sector reform bills to be taken up in parliament next week, Parliamentary Affairs Minister Kamal Nath said on Friday.

He was speaking to reporters after the government won a vote in the upper house of parliament on allowing foreign supermarkets such as Wal-Mart Stores Inc (WMT.N) to set up shop in India for the first time.

It won a similar vote in the lower house on Wednesday.

Prime Minister Manmohan Singh's administration will now turn its attention to pushing more reforms, including raising foreign investment caps in the insurance and pension sectors.

"This is the victory for more reforms. In the following week we will bring more financial legislation on economic reforms," Nath said.

"Our reforms are on track," he added.

(Reporting by Nigam Prusty)