[Marxistindia] Oppose Disinvestment in General Insurance

[news from the cpi(m)]

January 19, 2017

 

Press Statement

 

The Polit Bureau of the Communist Party of India (Marxist) has issued the
following statement:

 

 

Oppose Disinvestment in General Insurance

 

The CPI(M) strongly opposes the clearance given by the Union Cabinet for
disinvestment of shares in the five public sector general insurance
companies. The decision is to disinvest by 25 per cent shares in each of
these companies.

 

By this step, the government is weakening the nationalized general insurance
companies which have been running well. They have been regularly earning
profits and contributing to the government's revenue. 

 

Unlike the private sector insurance companies, it is the general insurance
companies that are executing the insurance based welfare schemes announced
by the government. 

 

The Modi government is undertaking this disinvestment measure as part of the
overall plan to liberalise and privatize the financial sector. The way will
be opened for more participation of foreign insurance companies. This is not
in the interests of the people and the country. The CPI(M) calls upon all
democratic sections to oppose this harmful measure.

 

 

 

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