"We will oppose these anti-people proposals of allowing FDI in pension and insurance on the floor of parliament. We can't support anti-people policies," said Nanda, who is also a Rajya Sabha member.
The Union cabinet on Thursday cleared the proposals to amend the legislations governing the insurance industry to hike foreign equity from 26% to 49% and on pension to allow up to 26% stake to overseas investors.
A meeting of the cabinet, presided over by Prime Minister Manmohan Singh, also gave its nod for some crucial changes in the Companies Act in what is being called another major push to economic reforms in less than a month.
All these proposals, however, need parliament's approval to take effect.
"The earlier this UPA government leaves the better for the people of the country. They are acting under the directions of the US because they know it very well that they won't come back to power after the next Lok Sabha polls," said Nanda.