In a major push to second wave of economic reforms, the Centre government has approved amendments to important bills to attract foreign investment into insurance, pension sectors, accelerate infrastructure projects and given the go ahead for steps to ensure faster and inclusive growth. The decisions were taken by the Union Cabinet meeting headed by Prime Minister Dr. Manmohan Singh in New Delhi last evening. The Cabinet gave its nod to necessary amendments to the Insurance Laws Amendment Bill, Pension Fund Regulatory and Development Authority Bill, the Companies Bill and also the Competition Act. Briefing newsmen on the cabinet decisions in New Delhi, Finance Minister, P. Chidambaram said, the decision proposes to hike in foreign Direct Investment, FDI, ceiling in the insurance sector to 49 per cent from the present 26 per cent. Mr. Chidambaram said this would meet the growing capital requirement of private insurance companies. He said, whatever equity cap in the Insurance sector will follow for pension sector as well. The Cabinet also cleared amendments to the Forward Contract Regulation Amendment Bill to give autonomy and power to Forward Market Commission to regulate the future markets effectively to enhance public accountability. Mr. Chidambaram said, the proposed amendments would also for the first time allow auction at the future markets to provide better remuneration to farmers. The Cabinet Committee on Economic affairs also approved the model for tripartite agreements for the setting up of Infrastructure Debt funds, IDFs for long term funding of infrastructure projects. The Union Cabinet also approved proposed amendments to the Wild Life protection act to ensure more decision making powers for the Gram Sabhas and Panchayats in the protection of flora and fauna. The Cabinet cleared the 12th Five-Year Plan document that aims to achieve annual average economic growth rate of 8.2 per cent. Finance minister P. Chidambaram said, the UPA government is taking necessary decisions in national interest and the Indian Rupee is stabilizing against global currencies. Mr. Chidambaram said that the government will reach out to all political parties, especially principal Opposition party, to get the reform bills passed in parliament.The Cabinet also declared five airports as International, including the Chaudhary Charan Singh Airport Lucknow, Lal Bahadur Shastri Airport Varanasi, and the Airports at Tiruchirapalli, Mangalore and Coimbatore. It also approved the Constitution of the 20th Law Commission for a period of three years. The Cabinet also revised rates of risk allowance and hospital and patient care allowance to about two lakh Central Government employees by doubling the existing rate with effect from September, 2008. Mr. Chidambaram said Government has also approved continuation of ban on export of edible oils and scheme for supply of imported pulses at subsidised rates to states and union territories for BPL card users. The Cabinet Committee on Economic Affairs approved the end-to-end computerisation of targeted public distribution system in the country to ensure better delivery of public services and to check wastages and leakages.