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| NZIEA holds convention against FDI | | | Early Times Report
Jammu, June 19: The divisional committee of north zone insurance employees association (NZIEA) OF Srinagar division today organized a day lo9ng convention against proposed increase in foreign direct investment in insurance sector from 26% to 79% Speaking on the occasion, divisional secretary Pawan Gupta said that decision of the union cabinet to hike FDI limit in insurance sector defies logic, as global financial meet down has affected the insurance industry in United states, Europe and Japan. The stunning failure of the world’ largest insurance company AIG which has offices in 130 countries, requiring over $ 152 billion as a rescue package form the US federal reserve and bill out of forties is well known. Other major insurance like New York life, Met life, Prudential etc are seeking a share in the funds allocated for Troubled Assets Reconstruction Programme in the states. He said the above cos. Are operating in India in partnership with India companies and also when Indian partners running big industrial and financial houses do not lock resources for investment in insouciance ventures, the decision to hike FDI limits in insurance sector in quite surprising and shocking. |
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