CPI opposes increase in FDI ceiling in insurance sector

Hyderabad, Nov 1 (UNI) The CPI in Andhra Pradesh today vehemently condemned the Union Cabinet's decision to increase the ceiling on foreign capital into insurance sector from the existing 26 per cent to 49 per cent.

The party state council, in a statement here, contended that such an increase in the cap for foreign direct investment would result in outflow of the people's savings to increase speculative profits by international finance capital.

The centre should withdraw its decision taking a lesson from the current global financial crisis, the party said.

UNI SM VA AKM 1702