Excelsior Correspondent
JAMMU, Nov 5: All India Insurance Pensioner’s Association (AIIPA) has strongly opposed the decision of the Central Government to hike the FDI limit to 49% in the Insurance industry despite the unanimous recommendation of the Parliamentary Standing Committee to retain the present limit of 26%.
The Association also opposed Government’s decision to amend GIC Business National Act, to pave way for disinvestments of shares of Public Sector General Insurance Companies, and to allow FDI in Pension Sector.
The Association said as these measures would destabilize Public Sector Insurance industry, give extra financial muscle to private players to mop up saving of the Indian people and would jeopardize the Indian economy, therefore the Government should desist from these measures being made into laws.
As the Public Sector General Insurance Companies are performing well, therefore the Government should merge these entities to help them serve the Nation more effectively, it further added.
Trending Now
E-Paper
Follow our WhatsApp channel