Thu Feb 27 11:01:44 UTC 2025: **Samajwadi Party Chief Criticizes 100% FDI in Insurance Sector**
Lucknow, February 27, 2025 – Samajwadi Party (SP) chief Akhilesh Yadav strongly criticized the Union Government’s decision to allow 100% Foreign Direct Investment (FDI) in the insurance sector. In a statement released on X, Yadav questioned whether handing over complete control of such a sensitive industry to foreign entities serves the nation’s best interests. He expressed concerns about accountability, potential profit repatriation, and the lack of transparency regarding terms and conditions for Indian policyholders.
Yadav highlighted the risk of fluctuating diplomatic relations impacting the reliability of foreign insurers and questioned whether these companies would reinvest a significant portion of their profits within India. He also accused the BJP-led government of potentially exploiting these companies for political funding and subsequently allowing premium hikes, thus burdening the public.
The SP leader called for greater transparency and urged the government to prioritize strengthening healthcare infrastructure and reducing medical expenses instead of taxing essential services like health and life insurance. He accused the BJP of prioritizing profit over public welfare and reiterated the SP’s commitment to protecting the interests of Indian policyholders. The government’s move, announced in the Union Budget 2025-26, is expected to attract significant foreign investment and global insurance giants into the Indian market, according to Moody’s.
First Piper 