The
Polit Bureau of the Communist Party of India (Marxist) has issued the following
statement:
The
UPA government has decided to raise the cap for foreign direct investment in
the insurance sector from the current 26 per cent to 49 per cent. The Cabinet
has also decided to allow 49 per cent FDI in pension funds. These measures
announced by the Union Cabinet will make India’s finance sector more vulnerable
to speculative finance capital.
The
decision to allow FDI in pension funds will jeopardize the savings of millions
of employees in the country.
The
Polit Bureau appeals to the people to oppose these anti-people measures. The PB
also appeals to political parties to defeat these measures when they are
brought before parliament.