India fast-tracks key reforms to shield itself from US tariffs

Prime Minister Narendra Modi’s government pushed through far-reaching policy reforms in the final parliamentary session of the year, seeking to bolster the economy in the face of trade headwinds.

In one of its most active winter sittings in recent years, the Parliament approved bills to open the nuclear industry to private firms and allow full foreign ownership of insurance companies. The finance minister also tabled a proposal to unify India’s securities market laws under a single code, modernizing the framework to encourage more market participation.

Together, these steps could unlock hundreds of billions of dollars in investments and advance Modi’s ambition of turning India into a developed nation in the next two decades. The Adani Group, founded by Asia’s second-richest man Gautam Adani, is already taking advantage of the changes with plans to build a commercial nuclear energy project in one of India’s northern states, Bloomberg News reported.

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