Excelsior Correspondent
JAMMU, Nov 11: Employees from insurance sector today took out a large candle light march late this evening to strongly oppose the FDI hike by Modi Government in the insurance sector.
A large number of employees from Life Insuarnce Corporation (LIC) of India and GIC assembled at Press Club near Tawi bridge and then took out candle light procession towards old city. They were opposing hike in the insurance sector from 26 % to 49 % accorded by the Union Government.
Today’s protest programme was held under the leadership of Dileep Koul, general secretary GIEU (J&K) and Pawan Gupta Divisional secretary, Northern Zone Insurance Employees Association ( J&K). The speakers alleged that Government’s move to hike Foreign Direct Investment (FDI) in the insurance sector will neither be in the interest of the nation nor in the favour of policy holders, agents and employees of the industry. This move will ultimately benefit multinational companies to have greater access and control over the domestic savings of the Indian public whose money will not be safe in their hands.
They pointed out that Govt’s plea that this move would help the people of rural India in big way is wrong because after opening of insurance sector in 1999 the private companies have only focussed in urban areas. Moreover, LIC is contributing in the development projects of the country in big way.
The speakers also strongly opposed the disinvestment of the General Insurance public sector companies through the Insurance Laws Amendment Bill 2008 and demanded merger of four public sector General Insurance Companies. The Association announced to hold a convention on the subject on November 15 in Jammu. It was also decided to observe one day strike in this connection.
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