LIC organises lunch hour demo against FDI hike in insurance

Vijayawada:Taking strong exception to the announcement in the Union Budget of the hike of 100 per cent foreign direct investment from the present 74 per cent in the insurance sector All India Insurance Employees’ Association (AIIEA) gave a call to the Insurance employees across the country to stage lunch hour demonstrations against the proposal.

Union leaders Ch Kaladhar, NMK Prasad, EV Tulasi Rao, N Srinivas, Ch Rajasekhar, K Krishna Prasad, PK Sai Prasad, Gurram Srinivas, MP Govardhan and other employees participated in the lunch hour demonstrations.

The hike in FDI limits in insurance sector is unwarranted and carries with it serious consequences for mobilisation of precious resources for the development of Indian economy and meeting the obligation of the State towards its citizens.

The AIIEA says that allowing total freedom and greater access to foreign capital could only retard the orderly growth of the insurance industry.

The AIIEA lodged its strong protest against the decision and demands withdrawal of this move. It also warns the government against the retrograde proposal to amend the Insurance laws—Insurance Act 1938, LIC Act 1956 and IRDA Act 1999.

It demands the reorientation of economic policies from the corporate bias to people centric measures. The government must place the interests of the people above that of profits for the corporate sector.