West Bengal Finance Minister Amit Mitra has cautioned Centre from privatising insurance coverage corporations
West Bengal Finance Minister Amit Mitra wrote to Union Finance Minister Nirmala Sitharaman on Monday, urging her to not go forward with the privatisation of public insurance coverage corporations.
He stated the transfer to privatise has introduced an amazing sense of insecurity and misery among the many folks of the nation.
“May I express my shock and alarm at the policy decision of the Government of India venturing to privatise public sector insurance companies which are the pillars of the economy,” Mr Mitra stated within the letter.
The Government plans to privatise public basic insurer United India Insurance Company within the first occasion in addition to sell-off Life Insurance Corporation (LIC), thought-about to be the fulcrum of monetary safety for many of the Indians, he stated.
Privatisation of LIC, which has a large quantum of investments within the financial system operating into Rs 36.76 lakh crore, will open up a ”Pandora’s Box” and throw into insecurity 30 crore policyholders, he wrote within the letter.
The privatisation of United India Insurance will trigger main disruption and destabilise the way forward for nearly two crore retail insurers, Mr Mitra cautioned within the letter.
