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India cabinet proposes up to 49 pct foreign pension investment

NEW DELHI, Oct 4 (Reuters) - India's cabinet cleared a bill to allow up to 49 percent foreign investment in the pension industry, Finance Minister P. Chidambaram said on Thursday, in the latest move to restore confidence in the flagging economy.

The bill, which would allow foreign funds in Indian pensions for the first time, needs parliamentary approval before becoming law.

(Reporting by Rajesh Kumar Singh; Writing by Frank Jack Daniel)

((frank.daniel@thomsonreuters.com; +91 11 4178 1003; Reuters Messaging: frank.daniel.thomsonreuters.com@reuters.net))

Keywords: INDIA ECONOMY/PENSIONS