New Delhi, Mar 18 : Speaking on the Insurance (Amendment) Bill 2021, the Deputy Leader of Opposition Anand Sharma on Thursday said that the government intends to hand over the Indian money to the foreign control and it was also much contravention of government’s much hyped slogan ‘Atmanirbhar Bharat’.

Mr Sharma said “We question the very justification and the need of it. Why are lakhs of employee are on strike. My submission, through you, when a law is to be enacted, the bill must be go through Parliamentary scrutiny. Once it is bypassed, conflict starts. You have majority in the house, select and standing committees too.”

“It was in 2000 under Vajpayee govt that the insurance sector was opened up allowing 26 percent FDI. In 2004, when the UPA government wanted to increase the FDI threshold to 49 percent Atal Behari Vajpayee himself stood against it”, he said.

He also said that that Bill during UPA regime went through Standing Committee, which was then headed by former BJP MP Yashwant Sinha and out of 91 suggestions of the standing committee, 88 suggestions were accepted.

Continuing his debate, the Congress lawmaker said “The Finance Minister must tell us, how much money has come into the insurance sector since the opening up of the sector. This sector has enough capital and money of the Indian people”.

Have you consulted the stakeholders?. The new Parliament is being constructed by Tatas. Do you think Tatas want to give away control of their insurance business. You are putting Indian money at the disposal of foreign firms, he added.

Taking a jibe on the Government, he said that the Prime Minister Narendra Modi talks about Atmanirbhar Bharat. “On one end you are campaigning for Atmanirbhar Bharat and then you go around to sell our insurance firms. And you want to pass this bill in such tearing hurry, as if foreign firms are lining up to invest in your insurance firm waiting for this bill to be passed”, he said adding that the Government must ensure that the Indian money was not lost.
I say with great anguish and concern, looking at our people who are looking at us with expectations, you are doing a disservice to India, Mr Anand Sharma concluded.

Earlier, imitating the debate, the BJP Member Arun Singh said that people claimed that LIC was being sold off. Who has sold LIC?. LIC has a separate act. This kind of narrow mindset would not work. They claim that there should be no foreign investment, no disinvestment”, Mr Singh said.

Comparing the insurance sector with the telecom centre, the BJP lawmaker said that once this bill was passed, the insurance sector will see a similar growth as the telecom centre and increase the cover across the nation.

DMK Member Tiruchi Siva while debating on the Insurance Bill, said “It is interesting to know that total private share is far lower than the 49 percent limit and as per the latest IRDA report, the private investment was merely 30-35 percent far less than the 49 percent limit’’.

He also said that there was no justification to increase the limit. The DMK has always stood by PSUs and these are nation’s property, slowly, the LIC will be disinvested, he added.(UNI)