Using its brute majority, the BJP government ensured that the the Lok Sabha to day passes the Insurance Bill amidst strong protests from the opposition benches. The bill passed will increase the FDI in Insurance sector from 26 % to 49%. Both the UPA as well as the NDA governments have been pushing for the increase of FDI in Insurance Sector for the last two decades, but could not succeed. The US and other imperialists have been putting much pressure on the Indian government to fully open the Insurance sector which is a very profitable sector.
The entire working class in the country is opposed to the increase of FDI in Insurance. In fact it will destroy the confidence of people in Insurance since the claims will be denied and delayed under private companies as happened earlier, before the Life and General Insurance was nationalised by taking over from the private companies.
We strongly oppose this anti-people decision of the government.