Akhilesh Yadav's Call to Action: Safeguarding Indian Insurance from Full FDI Control

Samajwadi Party's Akhilesh Yadav criticized the government's decision to allow 100% FDI in the insurance sector, expressing concerns over foreign control and the risks to Indian policyholders. He urged transparency and reconsideration, advocating for policies that prioritize citizen welfare over commercial interests.

On Thursday, Samajwadi Party leader Akhilesh Yadav voiced firm opposition to the central government's decision to allow 100% foreign direct investment (FDI) in India's insurance sector. Yadav criticized the move, suggesting it poses significant risks to industry stability and leaves Indian policyholders' interests vulnerable.

Yadav expressed doubts over the complete transfer of control to foreign entities in such a crucial sector, especially considering geopolitical uncertainties. He emphasized the need for government transparency and accountability concerning the reinvestment of profits by foreign companies within India.

Yadav further alleged potential conflicts of interest between the BJP-led government and foreign insurers, warning of increased insurance premiums burdening Indian citizens. He called for a focus on reducing medical expenses and criticized taxing essential services like health and life insurance.

(With inputs from agencies.)