Vijayawada: Increasing the limit of foreign direct investment (FDI) in insurance sector would undermine the India’s self-reliant economic development and speculative foreign capital would not contribute positively to India’s growth, said noted economist Prof Prabhat Patnaik while inaugurating the 27th general conference of All India Insurance Employees’ Association (AIIEA) on January 1 at Bhubaneswar, Odisha.

CITU National General Secretary Tapan Sen appealed to the working class to participate and make success the ensuing national strike on February 12 to oppose the implementation of anti-worker labour codes. In a statement released here on Saturday, SCZIEF Zonal Working Committee Member, Dr Ch Kaladhar informed that around 2,000 delegates and observers from across the country attended the Conference. Expressing serious concern over policies aimed at weakening public sector LIC and GIC, the Bhubaneswar Conference unanimously resolved to intensify nationwide campaigns for protection and strengthening of the public sector insurance industry, recognizing its critical role in providing social security and financial stability to the masses. Dr Kaladhar said that the Conference debated on several issues including Recruitment of Class-3 and 4 in LIC and immediate issuance of wage revision notification in PSGI companies. The Conference decided to extend full support and solidarity to the strike call given by the Central Trade Unions on February 12 against the anti-worker labour codes which undermine the hard-earned labour rights and seek to dilute job security, collective bargaining and social protection.

It also resolved to express strong solidarity with the proposed strike action of PSGI employees on January 9 demanding immediate notification of the long pending wage revision.