Karat said the nation's economy was saved during the recent global recession because of the strength of the public sector banking and insurance sectors, and now attempts were being made to bring in foreign direct investment in the two sectors.
Addressing the meeting of the 55th Annual conference of Life Insurance Corporation Employees' Union of Madurai Division on Sunday, she also expressed happiness about anti-corruption crusader Anna Hazare ending his fast over the Lokpal Bill.
Hazare had played "a significant role in turning the anti-corruption movement into a people's movement which highlighted the anger of the common man against corruption at all levels," Karat said.
The Prime Minister, MPs and Grade A officers should be brought under ambit of the Lokpal Bill, Karat said.
She claimed that the Congress and the Bharatiya Janata Party were planning a consensus bills to privatise banking and insurance sectors and increase foreign direct investment, calling it "unfortunate".