The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled ‘Social and Economic Significance of Insurance in Modern Economic Life’ is a book form of a lecture delivered by Prof C.N Vakil, a Senior Economist on the 25th of March 1970 on the auspices of the A.D Shroff Memorial Trust in Bombay. 

Prof Vakil begins by explaining ordinary insurance I.e., Life and General Insurance. The fourth-year plan focused more on strengthening the public sector wherein major savings of the people will be diverted to create more public sector activities leaving fewer funds for the private sector to develop. During this lecture, Prof. Vakil insists on reducing the deficit financing as it increases the price causing instability in the value of the Rupee. He argues that the nationalisation of general insurance does not benefit the policyholder as over time the value of their savings falls. He also asserts the delinquency of the public sector having the potential of rent-seeking or favouritism of some group which goes against the preaching of Socialism. Thus, it is of utmost concern should the government of the day be permitted to have the luxury of Socialism at the cost of tax-payers.