Rajya Sabha yesterday, 12th March 2015, passed the Insurance Laws (Amendment) Bill 2015, increasing FDI in Insurance Sector from 26% to 49%. The Congress and NDA shamelessly supported the bill and allowed it to pass in the Rajya Sabha, where the ruling party is in a minority. The amendments moved by the Left Parties, which strongly opposed the bill, were defeated jointly by the NDA and UPA.
The Corporates and MNCs were jubilant and expressed their happiness that the Modi Government has passed the bill. According to some of them, more than Rs. 20,000 crore foreign funds are expected after the passing of the bill.
But the sinister fact is that the entire insurance sector, where there is big profit, is going to be taken away by foreign finance. Serious attack will come on the PSU insurance companies. The present subscriber satisfaction will come down.
The Insurance workers have organised a s complete strike on 9th March against the bill, which was a complete success. They are sure to continue the struggle to save the Insurance Sector. Our full support and solidarity to them.
Sustained struggles are required to defeat the anti-working class policies of the government.