Asserting that his party would oppose Foreign Direct Investment (FDI) in insurance sector during the Winter Session of Parliament, senior CPI (M) leader Sitaram Yechury on Monday said it will be bad for the country and inevitably harm the middle class.
"We are going to oppose it. We have always opposed it and we think it is very bad for the country as well. The moment you make this huge amount of money available for foreign capital to play around anywhere in the world, then all our employees, or middle class who have saved in the insurance sector, their whole security is very uncertain, because they are dependent upon the international market fluctuations," Yechury told mediapersons here.
"Now, instead of doing that using this money for India's development, you will be handing over this money to foreign corporations to make their profits. It makes neither economic sense nor common sense," he added while emphasizing that it is not in the interest of either India or the people of the country.
The Insurance Bill, which was heavily debated during the Monsoon Session of Parliament in August, was sent to a Select Committee of the Rajya Sabha after the government was unable to garner the opposition's support.
The Insurance Bill proposes to increase FDI limit in the insurance sector to 49 percent from the existing 26 percent.
