The NDA Government is going to present the Insurance Amendment Bill in the Rajya Sabha in this winter session, where the opposition parties are in majority and the government in a minority. The efforts of both UPA and NDA governments in the past were defeated by the then opposition parties.
Why so? it is not simply political, but has other wide ramifications. The Insurance Amendment Act will result in the emergence of the MNCs in a big way and will weaken the Life Insurance Corporation of India, which is the shining example of the Central Public Sector. LIC was formed through corporatisation of the private companies which were cheating the public. The LIC has grown year after year and even the MNCs failed to compete with the same. The government guarantee for the LIC policies is another benefit to the people, who are assured of their policy benefits. The LIC always reached to help the government whenever it was in financial difficulties, either by purchasing the share of PSUs or giving more dividend or otherwise.
The Insurance amendment Bill is to kill the public sector insurance companies including the LIC. That is why even many among the BJP and Congress, which parties have supported the bill at some time or other, there are members who oppose the bill. Further, the massive campaign conducted by the Insurance Employees Unions, especially the All India Insurance Employees Association (AIIEA) has exposed the real intentions of the government to kill the Insurance companies and favour the MNCs and big corporates.
It is time that all the opposition parties should unitedly oppose this anti-people and anti-national bill and defeat the same convincingly. The United strength of the Central Trade Unions and Independent Federations of Workers require to continue the hectic campaign and make the people fully aware of the dangers of the anti-people bill.