CPM opposes govt move to raise FDI limit in insurance
The CPI (M) on Friday voiced its opposition to the government proposal to raise the cap on Foreign Direct Investment in the insurance sector and said it had not consulted the Left parties in this regard.
By PTI |
CPM opposes govt move to raise FDI limit in insurance
NEW DELHI: The CPI (M) on Friday voiced its opposition to the government proposal to raise the cap on Foreign Direct Investment in the insurance sector and said it had not consulted the Left parties in this regard.
"In the first Budget of the UPA government (in 2004), they had announced the policy of increasing the FDI cap in insurance and we had opposed at that time and our stand remains," CPI(M) General Secretary Prakash Karat said here.
"I don't know what they are planning to do now. We have only heard they are bringing some legislation... there was no consultation because we have told them we don't agree with it," he said.
The key Left party has been campaigning against the government's proposal to bring a new Insurance Bill to raise the FDI cap in the sector from 26 per cent at present to 49 per cent. The CPI (M) has decided to firmly oppose it.
"We don't want the financial sectors to be taken over by foreign finance capital," he said, giving the prime reason for the Left opposition.
The party, along with its other Left counterparts, had earlier stopped the government from pushing through the Banking Regulation Amendment Act and the Pension Fund Bill.
The CPI (M) has also opposed the passage of the Pension Fund Regulatory and Development Authority Bill, which, it feels, would lead to privatisation of pension funds. It has been stoutly opposing the proposal to invest the pension fund in stock markets.
NEW DELHI: The CPI (M) on Friday voiced its opposition to the government proposal to raise the cap on Foreign Direct Investment in the insurance sector and said it had not consulted the Left parties in this regard.
"In the first Budget of the UPA government (in 2004), they had announced the policy of increasing the FDI cap in insurance and we had opposed at that time and our stand remains," CPI(M) General Secretary Prakash Karat said here.
"I don't know what they are planning to do now. We have only heard they are bringing some legislation... there was no consultation because we have told them we don't agree with it," he said.
The key Left party has been campaigning against the government's proposal to bring a new Insurance Bill to raise the FDI cap in the sector from 26 per cent at present to 49 per cent. The CPI (M) has decided to firmly oppose it.
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Karat sought to know why the financial sector was being thrown open to foreign capital in such a big way."We don't want the financial sectors to be taken over by foreign finance capital," he said, giving the prime reason for the Left opposition.
The party, along with its other Left counterparts, had earlier stopped the government from pushing through the Banking Regulation Amendment Act and the Pension Fund Bill.
The CPI (M) has also opposed the passage of the Pension Fund Regulatory and Development Authority Bill, which, it feels, would lead to privatisation of pension funds. It has been stoutly opposing the proposal to invest the pension fund in stock markets.
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