Press Statement

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

The passing of the Insurance Regulatory and Development Authority Bill in the Lok Sabha is a shameful step taken by the BJP-led government to surrender the financial sector to the vagaries of foreign finance capital and giving up national sovereignty in a vital sector of the economy. The BJP-led government’s economic agenda, abandoning its earlier talk of swadeshi, stands fully exposed before the people.

What has made this retrograde step possible is the collusion of the Congress leadership. Despite widespread opposition from within its own ranks, the top leadership has followed the agenda of big business and foreign capital. The ploy of moving four amendments was only a face saving measure to support the Bill. The key amendment provided for 75 per cent of investible funds of insurance companies to be invested in the social sector. This was allowed to be deleted, thus ensuring that the Bill is passed without any major changes. The Congress will suffer the consequences for betraying the interests of the working class and the country.

The Bill is still to be passed in the Rajya Sabha. The Left, alongwith its allies, will relentlessly oppose the Bill in the Upper House too. The Polit Bureau calls upon all Party units to organise protests against the sell out of the insurance sector to foreign capital and big business.