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MK, Vaiko Slam Ordinance Route to Insurance FDI

Published: 27th December 2014 06:04 AM  |   Last Updated: 27th December 2014 06:04 AM   |  A+A-

CHENNAI: DMK leader M Karunanidhi, MDMK general secretary Vaiko and CPM state secretary G Ramakrishnan on Friday lashed out at the Centre’s decision to promulgate an ordinance to allow 49 per cent Foreign Direct Investment (FDI) in the insurance sector.

Karunanidhi, in a statement said, BJP had opposed the move to raise the FDI level to 49 per cent when the proposal was tabled by the previous UPA government. After coming to power, the BJP had taken the same decision, he noted and described the step as a reactionary one. Citing the request of CPM leader Sitaram Yechury to the President not to pass the ordinance sent by the Centre, the DMK leader supported the move.

 The select committee report on raising the FDI in insurance sector to 49 per cent was not discussed in Parliament and it still remained the property of the House. Enacting a law on it amounted to violating the sanctity of Parliament, he commented. A report of the selection committee set up earlier under Yashwant Sinha opposed the proposal, he added.

Indian people are known for their keenness to save and there is no guarantee that their money would not be taken away by the foreign investors, Karunanidhi said.

Describing the ordinance as anti-democratic, Vaiko said if the government did not have a majority in the Rajya Sabha, it should have placed the proposal at the joint session of Parliament. Recalling the role of the BJP, when the UPA was in power, he said the BJP stalled Parliament proceedings when the Congress tried to introduce the same proposal.

Ramakrishnan said it was a violation of Parliamentary democracy as the ordinance was brought immediately after the Parliament session and that Parliament was being ignored while taking decisions on major issues.

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