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Proposal to hike FDI in insurance sector opposed
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Members from the Insurance Corporation Employees Union held a protest near the LIC building in the city, protesting against the proposed hike in FDI in the insurance sector from 49% to 74%, privatisation of one General Insurance Company and two PSU banks and listing LIC in the stock market, during the 2021-22 financial year.
They said that the move to disinvest LIC will severely impact the economy. They also said that it was against the objectives of LIC.
ICEU general secretary of the Visakhapatnam division, N. Ramanchalam, said that demonstrations against the move are being held across the country and will continue till the Union Government goes back on its proposal.
Staff members form human chain at lunch hour
Members of the Insurance Corporation Employees’ Union (ICEU), Machilipatnam division, at CB-2 and CAB branches located at Bhavanipuram, formed a human chain at lunch hour, raising slogans like Protect and save LIC’. The demonstration was staged in response to a call given by All India Employees’ Association (AIIEA) to observe the 65th anniversary of the Nationalisation of Life Insurance Business.
Divisional joint secretary Ch. Kaladhar recalled that in 1956, the Government of India promulgated an ordinance and took over the management of 245 private insurance companies which had unleashed a reign of loot and plunder and had been resorting to financial misappropriations.