Govt policy on pension decried

The delegation conveyed their view-point against the proposed legislation on insurance seeking to hike FDI limit from 26 to 49, change in the investment norms of insurance funds facilitating transfer of funds outside the country and to privatise the four general insurance companies. They said that these measures would harm the Indian economy.

The delegation said it was unfortunate that UPA government was refusing to learn lessons from Global financial meltdown and exposing the Indian insurance industry to the speculation financial capital to gain greater access to the domestic saving. They said that the financial crisis in the USA United States of America and Europe had seriously eroded the confidence in the banking and insurance sectors

A large number of banks and insurance companies, including AIG American International Group, have been virtually taken over by the government, they lamented.