Privatization Of Govt Insurance Firms: Critical Bill Passed In Rajya Sabha, Opposition Not Happy

In a big move, Rajya Sabha has quickly passed a critical bill, that will ensure privatization of all Govt owned insurance firms, and unleash a new wave of disinvestment in this sector.

However, Opposition parties are not happy, since the ruling party refused to answer some questions raised by them.

Privatization Of Govt Insurance Firms Approved By Rajya Sabha

The General Insurance Business (Nationalisation) Amendment Bill, 2021 has been passed in the Rajya Sabha, that means privatization of Govt insurance firms becomes easier, faster and legally acceptable.

This bill was passed in the Lok Sabha on August 2nd.

A voice-based voting procedure was deployed, and the entire process was wrapped up rather quickly.

Opposition Parties Not Happy

As the bill was tabled in the Rajya Sabha, and voting began, several Opposition Party members shouted slogans, and raised some questions regarding the bill.

A proposal was initiated to refer the bill to another committee for more debate and introspection, but this was rejected via voice voting as well. As per reports, Finance Minister Nirmala Sitharaman refused to answer the queries raised by the Opposition party members.

Angered and upset, Opposition Party members raised slogans, and reportedly, tore papers pertaining to the rules and clauses of the bill.

Govt Insurance Employees Intensify Protests

Even as Govt is determined and focussed to sell Govt insurance firms to private firms, existing Govt employees have intensified their protests against this move.

On August 5th, lakhs of Govt insurance employees staged protests and strike to stop Govt from selling the insurance firms to private firms. Employees of Govt banks and PSUs have also extended their support to the protests, since they don’t want such massive scale of privatization.

In July as well, more than 1.8 lakh employees of Govt insurance firms held protests to oppose this privatization move.

On July 3, lakhs of employees from United India Insurance, a Govt owned Insurance firm held strikes for the same reason.

Govt has already informed that job quota within PSUs will suffer, once private companies take over the PSUs.

We will keep you updated, as more details come in.