Ex. 47, Madam, you are aware t

Madam, you are aware that when this life business was nationalised in the year 1956, great expectations and great hopes were entertained by all Members of Parliament. In the Statement of Objects and Reasons relating to that measure the Finance Minister stated that nationalization was necessary and even imperative, to achieve the broad objectives of increasing insurance business, to take it to larger areas including the rural areas and to give greater returns to policy holders. We have to see after these few years of the working of this organisation how far we have achieved these great objectives.