As we stated earlier, the government is bent upon pushing the so called ‘reforms’ in the Insurance sector by increasing the FDI from 26% to 49%. This is being much pressed by the MNCs and corporates for a long time. Now they have got a government who are prepared to satisfy them. And lo! US President is also visiting India at the time of Republic Day.
Though the Insurance Amendment Bill could not be passed in the Rajya Sabha, the NDA government is not bothered. Now the cabinet has approved the ordinance to be issued in lieu of passing the Act. Corporates, MNCs and president Obama will be very happy.
Cabinet has also adopted ordinance on the Coal block allotment which was also pending.
We strongly oppose both the ordinances, which are only in the interests of the corporates and big business.