The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:
The UPA government has decided to raise the cap for foreign direct investment in the insurance sector from the current 26 per cent to 49 per cent. The Cabinet has also decided to allow 49 per cent FDI in pension funds. These measures announced by the Union Cabinet will make India’s finance sector more vulnerable to speculative finance capital.
The decision to allow FDI in pension funds will jeopardize the savings of millions of employees in the country.
The Polit Bureau appeals to the people to oppose these anti-people measures. The PB also appeals to political parties to defeat these measures when they are brought before parliament.