Excelsior Correspondent
JAMMU, Dec 29: Insurance employees from LIC and GIC held protest demonstration today against the ordinance issued to hike the FDI in insurance sector from 26 % to 49 %.
The employees under the banner of Northern Zone Insurance Employees’ Association, Srinagar Division Committee led by Divisional secretary Pawan Gupta NZIEA J&K and AM Tantray, president besides Dileep Koul, general secretary representing GIEU, held demonstrations at Jammu and Srinagar.
The demonstrations were held as per nation- wide call given by All India Insurance Employees Association against the dictatorial decision of the Government to issue the ordinance to hike FDI in insurance sector from 26% to 49 % and also to go for disinvestment in public sector GIC. During protest at LIC head office Jammu, Romesh Chand lambasted the NDA Government for this alleged anti-nation move and maintained that by allowing hike in FDI in insurance sector it would help the international finance capital to gain greater control and access over the domestic savings of the Indian people and the Indian money would not be safe in the hands of foreign companies.
Pawan Gupta contradicted the logic of the NDA Govt that more capital which will come through FDI, will help in bringing more business in insurance sector because in insurance sector more capital does not mean more business; and it become clear when we see that LIC of India with a mere capital of Rs 100 crore has brought a total premium income of Rs 2,36,798 crore in financial year 2013-14. Several other trade unionists also spoke on the occasion.
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