Thiruvananthapuram, Nov 1 (UNI) The Revolutionary Socialist Party (RSP) today strongly condemned the Congress-led UPA Government's decision to hike the FDI Cap in the Insurance Sector to 49 from the 26 per cent.
The decision would throw open the thriving Indian Insurance Market to the vagaries of the crisis-ridden global speculative market, RSP General Secretary P J Chandrachoodan alleged in a statement here.
The 'ill-conceived action' on the part of the UPA Government, 'at the behest of the greedy Multi National Corporations,' would disrupt the fabric of the Indian economy which could so far withstand the onslaught of the ongoing global economic recession, he alleged.
With the steep increase in the FDI limit in Insurance Sector, the government was demolishing the very institutions that helped the country withstand the onslaught of the global financial crisis, he alleged.
Pointing to the economic catastrophe that engulfed the Western capitalist citadels, exposing the ''grave ills'' of globalisation and free market economy, he said it had compelled even the apostles of the free market economy to reverse policies and revert to quasi-nationalisation in the banking sector.
Prof Charachoodan said it was a sad state of affairs that the policy makers in the country, including the Prime Minister and the Finance Minister, could not learn lessons from the present trends of recession that compelled even the capitalist nations to reverse their economic policies.
Stating the Left Parties would oppose the decision, he appealed to all right thinking political parties and progressive forces to come out in support of the agitation against the UPA Government's decision to 'privatise' the Insurance sector.
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