Even before the new government has been sworn in, caretaker finance minister Yashwant Sinha has made an announcement regarding the immediate privatisation of the insurance sector. In an interview to the New York Times on Sunday, Sinha said that within a few days of forming the government, the BJP-led coalition would give the green signal for this. He also said that the government was committed to lowering the subsidies in the power and agricultural sectors.

Naturally, the re has been widespread indignation from the insurance sector workers and other labour organisations regarding this announcement from the minister who is yet to be allocated charge of the finance ministry by the Prime Minister. They have said that no such imposition would be accepted without protest and that the nation would go in for a protracted and sustained movement on this issue with the Left unions giving the obvious lead.

The National Insurance workers union joint secretary, Saibal Choudhury, in a statement said on Sunday that the caretaker finance minister was yet again overstepping his limits and that he was not taking into account the protest memorandum signed by over 1.5 crore citizens of the country against the Insurance Bill This Bill would be sent to the Speaker of the new Lok Sabha after the House convenes within two weeks.