By IANS,
New Delhi : The Bharatiya Mazdoor Sangh (BMS) Friday came out strongly against the government decision to allow FDI in pensions and insurance sector, saying this would push workers into “uncertain condition”.
“Allowing FDI (foreign direct investment) and thereby pushing the life-long (savings) of workers and employees towards share market will definitely create uncertainty in the mind of workers,” the BMS said.
It said the Parliamentary Standing Committee on Finance had unanimously recommended that the existing 26 percent FDI in insurance must not be hiked and there should not be more than 26 percent FDI in pension fund.
BMS asked the government why these recommendations of Standing Committee had been defied.
“Similar is the case of insurance,” it said.
“Our insurance sector is the largest insurance having the best performance in the world. We fail to understand why the government is allowing private sector and FDI in these sectors?”