After the Cabinet nod for FDI in insurance and pension, Finance Minister P Chidambaram addressed the media. Here are the highlights of the briefing:

Cabinet approved the declaration of 5 international airports: Lucknow, Varanasi, Tiruchirapalli, Mangalore, Coimbatore.

Cabinet has reviewed rates of risk allowance, hospital care allowance, patient care allowance.

Alternatives: Risk insurance schemes, packages didn't work out.

Cabinet approved amendments to Insurance Bill, 2008.

Public sector insurance companies will adopt the policies of govt; benefit will go to private sector insurance companies.

Cabinet also cleared competition act. Under amendment, no sector is exempted from competition act. That enables exemption to certain specific cases, like merger of two banks where one bank is a failing bank. That can be exempted.