On the wrong track Train tragedy takes 200 lives again. No Insurance for Insurance Moves to privatise Insurance sector and protests ...

by Special Correspondent

Workers Protest against Insurance privatisation in front of Insurance Office, Calcutta Pic: Bidhan Bhattacharya

Fierce resistance to the BJP-led Government ‘s decision to throw open the country’s insurance sector to foreign investment both inside Parliament and outside of it is on the cards during the coming weeks. The Left parties have vowed to oppose tooth and nail the Insurance Regulatory Authority Bill allowing entry of foreign capital in Life and General Insurance companies, when it is introduced in Lok Sabha in the forthcoming winter session of Parliament. The employees of the LIC and GIC, are on the war path, having already protested against the Centre's decision. Mass organisations of the Left Parties and the Congress have called a countrywide strike on December 11 on a charter of demands which not only demands rescinding the Government, decision but also scrapping of the Government’s new economic and industrial policies immediately. The CPI(M)politburo condemned the Vajpayee Government's decision to open the insurance sector allowing foreign capital upto 40%in it. The politburo said that allowing foreign insurance companies to come to this highly profitable sector which would result in draining away vital resources which are essential for the country’s development . The CPI(M) accused the BJP of going back on its commitment not to let foreign capital into the insurance sector . It pointed out that the LIC and the GIC, had guarnted vast resources placing it at the disposal of the government and the public financial institutions for development schemes according to priorities. The CPI(M) also asked the central government not to proceed with the amendment of the Indian Patents Act of 1970 and called for an all-party meeting to discuss the question of allowing exclusive marketing rights for foreign firms seeking to patent their products and the question of product patents. Meanwhile, the employees of the LIC and GIC have announced their decision to participate in the proposed strike on December 11.On Tuesday they also announced that if after the strike on December 11 the BJP Government introduced the Insurance Regulatory Authority Bill in Parliament, again a one-day strike would be called. The employees demonstrated before their offices protesting against the BJP –Government decision. The bank employees too have issued a statement critising the Centre’s decision to open up the insurance sector to the foreign capital .