Mamata threatens no-trust move against government

Mamata Banerjee, the Trinamool Congress chief and West Bengal chief minister, on Thursday said her party would move a no-confidence motion against the United Progressive Alliance government over its latest decision to increase the foreign direct investment (FDI) limit in insurance and also allow it in pension funds.

Banerjee, earlier the biggest member of the UPA after the Congress, last month pulled out of the alliance over the government's decision to allow FDI in multi-brand retail and raise the price of diesel, putting the UPA government in a minority. However, it continues to survive with the support of smaller regional parties.

Banerjee said she would meet the President with "an appeal to oust the UPA-II minority government" and thereafter move the no-confidence motion. This came after the cabinet decided to raise the cap on FDI in insurance from 26 per cent to 49 per cent and allow 26 per cent FDI in the pension sector.

Describing the move as ''immoral and unethical'', the West Bengal chief minister said, "Every countryman is watching your action."

"Today, yet another set of anti-people decisions of the central government have crossed the Laxman rekha. These important decisions, which have direct bearing on the livelihood of millions of Indians, taken by a minority government, are immoral and unethical," Banerjee wrote on her Facebook page.

"Increase in FDI percentage from 26 to 49 in insurance sector and introducing 26 per cent FDI in pension sector will make lifelong savings of individuals totally insecure.