Karat asks govt not to bring Insurance Bill in Parliament

Chandigarh, Oct 16 (UNI) The CPM has asked the UPA-government to take a cue from the global economic recession and refrain from going ahead with its plans of encouraging private and foreign investment in the core sectors like banking and insurance.

''The government should not bring the Insurance Bill or any other such bill in the monsoon session of Parliament commencing tomorrow'', CPM general secretary Parkash Karat said here today.

In an informal chat with mediapersons after chairing a meeting of the Punjab CPM, Mr Karat said the government ought to take a note of the recession which had hit the US and was now affecting India and other nations as well. ''Unfortunately the UPA has been following the same policies that led to the economic collapse in the US,'' he added while pointing out that it was the Left pressure over the last couple of years that prevented the Manmohan Singh government from going ahead with its privatisation policies.

The banking sector had been the worst hit in the US and other nations, but luckily for India, a majority of the banks are nationalised here, he pointed out. He also opposed the move of the government to divert the pension fund of employees to the share market which was in doldrums, he said.

''Instead of worrying about the share brokers and holders, the government should pay attention to the farmers and employees of small and medium sector units, who are the worst effected by the policies of privatisation'', he added.

''Do not follow the US model'', he said while referring to the UPA-government's economic agenda.

Replying to a querry on sacking of employees by Jet Airways, Mr Karat said this was a wrong step and against the labour laws of the country. ''Keep the employees on probation and then sack them, this is a wrong policy'', he added while asking employees of all private organisations to form unions.

Pointing to the 'understanding' reached between Jet Airways and Kingfisher Airlines, the CPM leader said such monopolies should not be allowed.

UNI HS JT GC1849