CPI(M) has stated that what has made this retrograde step possible is the collusion of the Congress leadership. Despite widespread opposition from within its own ranks, the top leadership has followed the agenda of big business and foreign capital. The ploy of moving four amendments was only a face saving measure to support the Bill. The key amendment provided for 75 per cent of investible funds of insurance companies to be invested in the social sector. This was allowed to be deleted, thus ensuring that the Bill is passed without any major changes. The Congress will suffer the consequences for betraying the interests of the working class and the country.

The Bill is still to be passed in the Rajya Sabha. The Left, alongwith its allies, will relentlessly oppose the Bill in the Upper House too. The Polit Bureau calls upon all Party units to organise protests against the sell out of the insurance sector to foreign capital and big business.