‘Indira Gandhi nationalised banks, but UPA govt nationalised corruption’: Sitharaman in Lok Sabha

Tribune News Service

New Delhi, March 22

Finance Minister Nirmala Sitharaman on Monday attacked the Congress saying late Prime Minister Indira Gandhi nationalised banks, but the UPA government nationalised corruption.

Reacting to a comment by Congress MP from Punjab JS Gill who accused the Centre of squandering national resources, the Finance Minister said, “I strongly object to your remark. You should reconsider it.”

The Finance Minister also told Gill to “ask the Congress’ first family about squandering national resources.”

“Please pose this question to the family that runs the Congress,” Sitharaman said moments before the House passed The Insurance Amendment Bill 2021 to raise FDI cap in insurance sector from 49 to 74 per cent.

Responding to the banking sector, which Gill said was “in a mess”, the Finance Minister said “Former Prime Minister Indira Gandhi nationalized banks but UPA nationalized corruption and messed up public sector banks. That mess is being cleared now under PM Narendra Modi. Also, the fugitives Nirav Modi, Mehul Choksi that you mentioned were actually nurtured by you. We are going after them and bringing them to justice.”

The FM while speaking in defence of the insurance amendment bill also said private insurance companies employed 24 lakh people as against 17 lakh in the public sector insurance firms.

Sitharaman said it was equally the government’s responsibility to enable private insurance firms to raise capital to meet the solvency ratio requirements.

Noting that private insurance sector penetration had vastly increased since 2015 when the FDI in insurance cap was raised to 49 pc, the FM said there were today six public sector insurance PSUs as against 61 private insurance firms and the government ought to think about the private firms also because public companies will have access to government funds.

“By raising FDI cap, private sector can raise capital. We have to think about the private sector as. Public sector can received public funds,” the FM said.