Factbox: Major pending economic reforms

The Congress party-led coalition will present its fifth budget on Feb. 29, which is expected to focus on farms, education, healthcare and tax reforms, and unveil medium-term measures to fight food-price inflation.Finance Minister Palaniappan Chidambaram, a member of the left-leaning coalition elected in May 2004, is also expected to boost investment in infrastructure, particularly roads, ports and power, in the 2008/09 budget. The fiscal year runs from April 1 to March 31.

Following are details of pending reforms that economists and the government say are necessary to sustain economic growth of around 9 percent annually for several years and reduce poverty in Asia's third-biggest economy.

PRIVATISATION: Stake sales in state-run firms. The Congress-led coalition has abandoned privatisation, bowing to pressure from its communist allies.

BANKING: The government has said ownership in state-run banks will not fall below 51 percent, which analysts say acts as an obstacle for growth in the sector. Current government holdings in state banks range from 51 percent to total ownership.Private banks can offer up to 74 percent to foreign investors while public sector banks cannot offer more than 20 percent.

RETAIL: India limits foreign, multiple-brand retailers to wholesale or franchise and licence operations. Talk of easing foreign investment rules has cooled, prompting Tesco Plc to shelve plans for India.

AVIATION: Although foreign funds can invest in Indian airlines, India bars overseas carriers from doing so. A move to allow foreign airlines into the local market has been opposed by the government's communist allies.

FARMING: The government wants to double farm incomes by 2010. Initiatives include doubling the rate of growth of public and private investment in agriculture, launching fresh irrigation projects and developing wasteland for productive use.

INFRASTRUCTURE: According to policy makers, India will need investment of about $500 billion to upgrade infrastructure in the world's second-most populous country. Cutting red-tape is seen as necessary to attract investments.

FOREIGN INVESTMENT: The foreign ownership limit in insurancehas been stagnant at 26 percent despite a long-standing policyproposal to raise it to 49 percent.

PENSION FUNDS - A move to allow 26 percent foreign investment in pension fund management companies awaits the approval of parliament.