Excelsior Correspondent
JAMMU, Mar 9: Work remained paralyzed in LIC and GIC offices, as Insurance employees all over the State today observed one-day strike against passage of Insurance Laws Amendment Bill in Lok Sabha on 4th of this month.
The strike was observed as a part of all India strike as per the call of All India Insurance Employees’ Association against the Insurance Bill which proposes to hike the FDI in Insurance sector from 26% to 49% and also disinvestment in public sector GIC.
Meanwhile, a large number of GIC and LIC employees including women employees gathered outside Press Club, Jammu and held massive protest demonstration against Insurance Bill. The GIC employees were represented by Dileep Koul, general secretary GIEU, J&K and LIC employees were represented by Pawan Gupta, divisional secretary, NZIEA, J&K and AM Tantray, president of the Association.
Speaking on the occasion, Dileep Koul and Pawan Gupta lambasted on NDA Government terming its move of passing Insurance Bill as suicidal for the economic sovereignty of the Country. They said that the move of NDA Government is not in the interest of the nation and allowing hike in FDI in Insurance sector would help the international finance capital to gain greater control and access over the domestic savings of the Indian public and such money will not be safe in the hands of foreign companies.
They said that the passed Insurance bill has a provision that a new section 10B will be added to the GIBNA Act 1972 to allow the GIC and the four public sector general insurance companies to raise capital. There is no stipulation that the companies cannot approach the stock, he said adding it is a big attack on Public Sector General Insurance Companies.
The leaders said that on one hand the Union Government is pressurizing the banks to merge so that their capital may increase and on the other hand the merger of four public sector general insurance companies is being denied.
They also cautioned that the attack on public sector insurance industry and the Indian economy will not end with the FDI hike to 49 percent and more such attacks are bound to come sooner than expected.
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