CPI-M opposes hiking foreign capital ceiling in insurance

October 31st, 2008 - 6:43 pm ICT by IANS  

New Delhi, Oct 31 (IANS) The Communist Party Of India-Marxist (CPI-M) Friday disapproved of the central government’s decision to raise the ceiling for foreign capital entry into the Indian insurance sector.“The politburo of CPI-M strongly disapproves the decision of the union cabinet to increase the ceiling for foreign capital entry into the Indian insurance sector from the existing 26 percent to 49 percent,” the party said in a statement here.

“The opposition was based on the understanding that in the interests of India, the hard earned life savings of the Indian people should not be put at the disposal of international finance capital that thrives on the basis of speculation,” said the statement.

The CPI-M has also decided to oppose this issue when it comes before parliament.

Tags: , , , , , , , , ,

Posted in Politics |

Subscribe