Govt should rethink divestment of PSU banks, insurance firms: BMS

Bharatiya Mazdoor Sangh has said that mixing the beautiful concept of Atmanirbhar Bharat with FDI and disinvestment in the Union budget is disappointing for the employees. The government’s proposals to amend Insurance Act to increase FDI in insurance sector from 49% to 74% as well as relaxation of foreign investments in infrastructure sector will increase foreign dependence and should be reconsidered. Aggressive disinvestment programmes like divesting two Public Sector Banks (PSBs) and one general insurance company, bringing public offer (IPO) of LIC, railway scheme for corporatisation, will reduce the charm of Atmanirbhar Bharat and benefits of some good proposals in the budget.