Vijayawada: Employees vow to fight tooth and nail LIC sell-off

Vijayawada: The All-India Insurance Employees' Association (AIIEA), has vowed to fight tooth and nail privatisation of LIC at its two-day national conference, which concluded here on Sunday.

Addressing the gathering, AIIEA general secretary Shreekanth Mishra said that the AIIEA opposed to the Initial Public Offer (IPO) of the LIC, the increase in Foreign Direct Investment (FDI) in the insurance sector and the recent move to privatise the public sector general insurance companies.

Mishra told the media that it was unfortunate that the government was going ahead on these moves while an overwhelming section of the population opposing it.

He said that the IPO of LIC will severely impact the economy and vulnerable sections of the country and the objectives of nationalisation will be defeated. "The LIC will have to concentrate on delivering increasing profits to the shareholders," he asserted.

The AIIEA is deeply disturbed over the way the government recently secured the passage of the General Insurance Business Nationalisation (GIBNA) Amendment Bill in Parliament. The bill was passed through strong arm methods in blatant disregard to the commitment given earlier to Parliament and the nation that the government will hold at least 51 per cent of the stake in the four public sector general insurance companies and the GIC, he added.

He said that the insurance employees have already registered their strong protests against these moves. The AIIEA has been mobilising public opinion against the disastrous policies of privatisation of the public sector insurance industry and public sector institutions at large.

The struggle of the people against the privatisation of Vizag Steel Plant has opened up new vistas of struggle and unity. The AIIEA will make common cause with other sections of the toiling people and struggle in defence of India's public sector institutions.