India's cabinet approves opening up of nuclear, insurance sectors, sources say

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 ...