Vijayawada: LIC employees oppose FDI hike in insurance sector

Vijayawada: Following the call given by All India Insurance Employees' Association (AIIEA) along with the constituents of the joint front of LIC Class-I Officers Federation, NFIFWI and AILEF, the LIC Staff staged lunch hour demonstrations in all the six branches across Vijayawada protesting the recent Central Budget proposals of hike in Foreign Direct Investment (FDI) from 49 percent to 74 percent in the insurance sector and hastening the process of initial public offer (IPO) in the LIC of India.

Addressing the protest demonstration at the CB-3 branch in the city, the divisional joint secretary of Insurance Corporation Employees' Union, Ch Kaladhar said that All India Insurance Employees' Association is opposing both the proposals.

There is no justification for the FDI hike in the insurance sector as the actual share of FDI in total investments in the private insurance industry is much less than the current limit of 49 percent. The FDI hike in insurance would only help foreign capital gain greater control over our precious domestic savings which would surely harm the interest of the country, he added

Kaladhar also said that LIC IPO will certainly be a big blow to the very concept of Atmanirbar Bharat (Self-Reliant India). It will undermine the very purpose of its objectives of nationalisation of the LIC and ultimately the assets owned by Indians will be exploited for profits by small number of corporate rich.

Union leaders NMK Prasad, J Madhu, N Srinivas, Ch Rajasekhar, D Kondalu, J Mangapathi, Sk Rahimuddin, P Gowrinadh, PhK Prasad, Gurram Srinivas, MP Govardhan, and Class-I Officers, Development Officers and others led the demonstrations.