Opposition to raise concerns over Insurance bill

West Bengal finance minister Amit Mitra has written to Union finance minister Nirmala Sitharaman, expressing his “shock and alarm” at the policy direction of the Centre “to privatise public insurance companies”.

With chances of a settlement between the government and the Opposition ebbing with each passing day in Parliament, the opposition parties have now flagged The General Insurance Business (Nationalisation) Amendment Bill, 2021, as their new concern.

Various Opposition leaders are submitting notice for debate on subjects that include the words “national security” or “espionage". (ANI)

West Bengal finance minister Amit Mitra has written to Union finance minister Nirmala Sitharaman, expressing his “shock and alarm” at the policy direction of the Centre “to privatise public insurance companies”. In his letter, Mitra argued that the Life Insurance Corporation (LIC), has 17.4 million retail insurers and provides employment to more than 13,000 employees. “We must recognise that LIC’s quantum investment in our economy is a staggering ₹36.76 lakh crore out of which ₹23.75 crore is in government securities… it is evident that privatising LIC would lead to opening a Pandora’s Box, throwing into insecurity 30 crore policyholders.”

While Mitra termed the legislation, tabled last week in the Lok Sabha, as anti-people, opposition parties made it clear that the Pegasus snooping row would be their top issue in this session.

“We are clear that the only resolution can be that either the Prime Minister or the home minister has to reply to a debate on the Pegasus in Parliament,” said Derek O’Brien. “All opposition parties are on the same page,” he added.

Various Opposition leaders are submitting notice for debate on subjects that include the words “national security” or “espionage.