Visakhapatnam: Call to intensify stir against privatisation of PSUs, rise in FDI

Visakhapatnam: The struggle against privatisation of public sector units, increase in the foreign direct investment (FDI) in insurance sector from the existing 49 per cent to 74 per cent and the listing of LIC in the share market should be intensified, said MD Mahaboob, vice-president Of South Central Zone Insurance Employees' Federation (SCZIEF).

Speaking at the inaugural session of the 46th general conference of Insurance Corporation Employees' Union (ICEU), Visakhapatnam Division here on Sunday, Mahaboob said the All India Insurance Employees Association (AIIEA) is of the firm opinion that privatisation of any public sector general insurance company is not in the interest of the nation.

Followed by a flag hoisting ceremony, the conference saw participation of president of the union M Kameswari, vice-president of SCZIEF P Satish and joint secretary of federation J Suresh, among others.

Sharing his views, Satish said that institutions such as LIC works with a sole motto of serving the nation and its huge clientele base can only be branded as a mutual benefit society with the government acting as a trustee.

Addressing the gathering, Suresh said AIIEA has been mobilising public opinion against the IPO of LIC, disinvestment of general insurance companies and against the FDI hike. He appealed to the LIC employees to intensify the struggle to protect the LIC and that the association is ready to step up the stir for the organisation.

General secretary of ICEU, among others participated in the meeting.