Ranchi: The Communist Party of India (Marxist) has strongly opposed the Union Cabinet’s decisions to allow the entry of private and foreign companies into nuclear power generation and to permit 100 percent Foreign Direct Investment (FDI) in the insurance sector. The party stated that these decisions are detrimental to the country’s strategic interests, public safety, and economic sovereignty.
In a statement issued by CPI(M) Central Committee member Prakash Viplav, it was said that the central government is planning to introduce amendments to the Atomic Energy Act, 1962, and the Civil Liability for Nuclear Damage Act (CLNDA), 2010, during the current session of Parliament. The proposed amendments aim to facilitate the entry of private companies as well as foreign technology and equipment suppliers into the nuclear energy sector.
He said that handing over a highly sensitive and strategically important sector like nuclear energy to private companies could prove disastrous for the country. Under the proposed amendments, private nuclear companies would be given unrestricted freedom to determine electricity tariffs, which would place an additional financial burden on consumers and weaken government regulation.
Prakash Viplav described the proposed changes to the CLNDA as particularly dangerous, stating that they would dilute the compensation available to people affected by nuclear accidents. He alleged that the government is amending the law under pressure from the United States to absolve manufacturers and suppliers of liability in the event of accidents or other mishaps. This, he said, amounts to a double benefit for corporations—companies would neither be held accountable for accidents nor be subject to effective regulatory oversight in tariff determination. He termed this an example of the corporate-friendly policies of the BJP-led NDA government.
Strong Objection to 100 Percent FDI in the Insurance Sector
The CPI(M) has also expressed serious concern over allowing 100 percent FDI
in the insurance sector. According to the party, this decision will destabilize the domestic insurance industry and may endanger the privacy and financial security of policyholders. The commercial priorities of foreign investors would override public welfare objectives, thereby weakening social security and financial stability.
The CPI(M) believes that this decision
will open the door to predatory takeovers, increasing the risk of losing control over critical financial and national resources.
The Communist Party of India (Marxist) has appealed to all democratic sections of society, mass and class organizations, and trade unions to unite and register strong opposition to these amendments in order to safeguard the country’s interests.
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