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Govt should reconsider its Budget proposal to enhance FDI limit in insurance sector: Bharatiya Mazdoor San

Govt should reconsider its Budget proposal to enhance FDI limit in insurance sector: Bharatiya Mazdoor San

The Bharatiya Mazdoor Sangh, which is an RSS-affiliate trade union, has said the government should reconsider its Budget proposal to enhance foreign direct investment limit in the insurance sector while raising objections to the government’s massive disinvestment agenda.

“Government should reconsider its proposals to amend Insurance Act to increase FDI in insurance sector from 49% to 74% as well as relaxation of foreign investments in infrastructure sector as this will increase foreign dependence,” BMS general secretary Binoy Kumar Sinha said in a statement after finance minister Nirmala Sitharaman laid the Budget 2021-22 in the Parliament on Monday.

According to BMS, aggressive disinvestment programs like pesting two public sector banks (PSBs) and one general insurance company while bringing public offer (IPO) of LIC among other related proposals will reduce the charm of Atmanirbhar Bharath and benefits of some good proposals in the budget.

Further, BMS said that none of the demands raised by BMS and other trade unions has been incorporated in the Budget except a special scheme for tea workers in West Bengal and Assam, “thus making the consultation process a mockery”. BMS will decide on its future course of action on the Budget at its upcoming national executive council meeting this month.

Meanwhile, the All India Trade Union Congress urged its affiliate unions and all workers in general to join them for a nationwide protest on Wednesday in protest against the Union Budget and the Labour Codes

“There is nothing to suggest for job generation which is the dire need of the time for revival of the economy,” AITUC general secretary Amarjeet Kaur said.

“The budget is a repetition of the already announced packages by the finance minister in the month of May while increasing the cess on common man. This would burden them more when there is a crisis for their livelihood itself,” she added.

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