India Pushes Ahead With Economic Reform Agenda

India Pushes Ahead With Economic Reform Agenda

 The Indian government has pushed ahead with a new set of economic reform proposals aimed at jump starting the country's lagging economy.

The Cabinet on Thursday approved a measure to raise the limit on foreign investment in India's insurance sector¹ from 26 to 49 percent. Federal ministers also agreed to allow foreign direct investment into the country's pension sector for the first time.

Indian Finance Minister P. Chidambaram announced Cabinet's approval of the measures and urged parliament to pass the reforms.

The ruling coalition², led by the Congress Party, is now in the minority in the legislative³ body, after one of its key allies pulled out to protest the economic reforms.

Trinamool Congress withdrew its support of the government last month after voicing strong opposition⁴ to a first set of reforms approved by the Cabinet last month.

Those measures, which did not have to get approval from parliament, include allowing foreign supermarket chains to set up shop in India, and opening up the aviation and broadcasting sectors⁵ to foreign investment. The government also increased diesel⁶ prices to combat the deficit⁷.

Critics say the reforms will hurt India's small business owners and the poor.

The Cabinet on Thursday also proposed overhauling⁸ corporate⁹ regulations.

After the second set of reforms was announced, stocks on the Bombay Stock Exchange crossed 19,000 -- the highest in 15 months. The Indian rupee rose to 52 -- its strongest level against the dollar since April.

1 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

2 coalition   

n.结合体，同盟，结合，联合

参考例句：

• The several parties formed a coalition.这几个政党组成了政治联盟。
• Coalition forces take great care to avoid civilian casualties.联盟军队竭尽全力避免造成平民伤亡。

3 legislative   

n.立法机构，立法权；adj.立法的，有立法权的

参考例句：

• Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
• Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。

4 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

5 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

6 diesel   

n.柴油发动机，内燃机

参考例句：

• We experimented with diesel engines to drive the pumps.我们试着用柴油机来带动水泵。
• My tractor operates on diesel oil.我的那台拖拉机用柴油开动。

7 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

8 overhauling   

n.大修；拆修；卸修；翻修v.彻底检查( overhaul的现在分词 )；大修；赶上；超越

参考例句：

• I had no chance of overhauling him. 我没有赶上他的可能。 来自辞典例句
• Some sites need little alterations but some need total overhauling. 有些网站需要做出细微修改，而有些网站就需要整体改版。 来自互联网

9 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。