Original sentence: This union was formed by workers in Kolkatta belonging to the private insurance companies in  1950
Edited sentence: D Deshmukh the Finance Minister of the Government of India announced the nationalisation of the insurance industry in India by merging all private insurance companies and forming one "Life Insurance Corporation Of India".Jawaharlal Nehru.Later on in the year 1956 the Insurance Industry in India was nationalised by the Government Headed by Pt.On the First of September 1956 C.One of the first demands of this union was that of "nationalisation of insurance industry " in India.This union was formed by workers in Kolkatta belonging to the private insurance companies in  1950 to resist exploitation of workers