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| Insurance employees protest moves to privatize LIC | | | 
Early Times Report
JAMMU, Aug 2: Massive demonstrations were held jointly today under the banner of LIC Class-1 Federation, National Federation of Insurance Field Workers of India and All India Insurance Employees' Association during lunch recess in offices of LIC of India across Jammu & Kashmir against the NDA Govt.
The protest was held to oppose the proposal to list LIC in stock market, to oppose the decision to further hike FDI limit in insurance sector viz a viz privatization of public sector units.
The demonstrations were jointly led by Vijay Khajuria- Secretary Class-1 Federation Srinagar Division, Rakesh Magotra- Secretary National Federation of Insurance Field Workers of India Srinagar Division and Com Pawan Gupta- Secretary Northern Zone Insurance Employees' Association Srinagar Division.
Speaking on the occasion at DO Cell Jammu, the leaders said that the government is contemplating disinvestment in LIC and listing it on the stock exchanges. This certainly is a step towards privatization of the most successful and the biggest financial institution in the country.
This retrograde and anti-national step of the government is against the principal set out by government in 1956 which envisaged that the peoples' long-term savings will be utilized for national development. The performance of LIC has shown that it has fulfilled the agenda set out in the Nationalisation Act of Life Insurance business in India. The proposal to further hike the FDI limit in insurance sector was opposed as it would not bring any benefit to our national economic interests. On the other hand this measure would help the foreign capital to gain greater access to our domestic savings. |
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