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News updated at 8:46 AM IST

We will oppose FDI in pension: Samajwadi Party

Kolkata, Oct 4, 2012, (IANS) : 19:34 IST
Notifying that his party would oppose FDI in pension and insurance bills on the floor of parliament, Samajwadi Party (SP) general secretary Kiranmoy Nanda Thursday said it would be better for the people of the country if the UPA government resigns from office before the scheduled time.

"We will oppose these anti-people proposals of allowing FDI in pension and insurance on the floor of parliament. We can't support anti-people policies," said Nanda, who is also a Rajya Sabha member.

India's federal cabinet Thursday cleared the proposals to amend the legislations governing the insurance industry to hike foreign equity from 26 percent to 49 percent and on pension to allow up to 26 percent stake to overseas investors.

A meeting of the cabinet, presided over by Prime Minister Manmohan Singh, also gave its nod for some crucial changes in the Companies Act in what is being called another major push to economic reforms in less than a month.

All these proposals, however, need parliament's approval to take effect.

"The earlier this UPA government leaves the better for the people of the country. They are acting under the directions of the US because they know it very well that they won't come back to power after the next Lok Sabha polls," said Nanda.

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