SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 20 Jan, 2017  

cpim.THMB.jpg Govt weakening state-run insurance companies: CPI-M

insurance generic
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 20 Jan, 2017
The Communist Party of India-Marxist (CPI-M) on Thursday accused the central government of weakening state-run general insurance companies through disinvestment, which it said is "not in the country's interest".

"The CPI-M strongly opposes the clearance given by the Union Cabinet for disinvestment of shares in the five public sector general insurance companies," the Left party said in a statement.

The Union cabinet on Wednesday gave in-principle approval for the listing of New India Assurance Company, United India Insurance Company, Oriental Insurance Company, National Insurance Company and General Insurance Company.

The government's shareholding would be decreased from 100 per cent at present to 75 per cent over time.

"By this step, the government is weakening the nationalised general insurance companies which have been running well. They have been regularly earning profits and contributing to the government's revenue," the CPI-M said.

It said that unlike the private sector insurance companies, it is the general insurance companies that are executing the insurance-based welfare schemes announced by the government.

"The Modi government is undertaking this disinvestment measure as part of the overall plan to liberalise and privatise the financial sector. A path will be opened for more participation of foreign insurance companies. This is not in the interests of the people and the country," it said.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter