India prepared to face sanctions, says Sinha

HAZARIBAGH (BIHAR), August 8: Union finance minister, Yashwant Sinha today asserted that India was "fully prepared to meet the chall...

HAZARIBAGH (BIHAR), August 8: Union finance minister, Yashwant Sinha today asserted that India was "fully prepared to meet the challenges arising out of sweeping sanctions imposed by the United States and other countries in the aftermath of the Pokhran nuclear explosions.

"Our country has squared up to the challenges on the economic front," Sinha said while inaugurating a three-day "Bima Jagriti Mahotsava" organised by Life Insurance Corporation (LIC) and General Insurance Corporation of India (GIC).

He said "even after economic sanctions, India has not bowed down to any foreign pressure". "Even America has now been forced to have a second-thought on its decision,” finance minister added.

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Stressing the need for providing "more and more" coverage to people living in rural areas, Sinha said the Centre was fully determined to allow the private sector to enter the insurance industry.

Expressing firm resolve of his ministry to make insurance sector "more competitive", finance minister, said he wanted "tobreak monopoly" of LIC and GIC. He said the Centre was also keen on providing protection to farmers by giving them crop insurance cover for which a special scheme would soon be launched covering 24 states in the first phase. Sinha asked insurance companies to launch more beneficial schemes.

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