The CPI(M) today opposed the government's move to raise the cap for Foreign Direction Investment, FDI, in the insurance sector from 26 per cent to 49 per cent and allow 49 per cent FDI in pension funds.

In a Politbureau statement issued in New Delhi, the party said, the move will make country’s finance sector more vulnerable to speculative finance capital. The party also said, the FDI in pension funds will jeopardize the savings of millions of employees in the country.