INSUBCONTINENT EXCLUSIVE:
West Bengal Finance Minister Amit Mitra has cautioned Centre from privatising insurance companiesWest Bengal Finance
public insurance companies.He said the move to privatise has brought a great sense of insecurity and distress among the people of the
country."May I express my shock and alarm at the policy decision of the Government of India venturing to privatise public sector insurance
India Insurance Company in the first instance as well as sell-off Life Insurance Corporation (LIC), considered to be the fulcrum of
financial security for most of the Indians, he said.Privatisation of LIC, which has a massive quantum of investments in the economy running
into Rs 36.76 lakh crore, will open up a ''Pandora's Box'' and throw into insecurity 30 crore policyholders, he wrote in the letter.The
privatisation of United India Insurance will cause major disruption and destabilise the future of almost two crore retail insurers, Mr Mitra
