Loosening up

摘要

Bit by bit, India's financial system is un-dergoing overdue reform. Recently, the government relaxed the rules on foreign companies in joint-ventures with Indian partners. Changes in the regulation of bank ownership are in the works—although they seem to have been delayed by a dispute between the reform-minded finance ministry and the cautious central bank. And last week the finance ministry loosened restrictions on India's pension funds, which should in turn help the country's equity market.