Excelsior Correspondent
JAMMU, Mar 3: Insurance employees today held massive demonstrations across the State against the Insurance Laws Amendment Bill introduced in Lok Sabha today which proposes to hike the FDI in insurance sector from 26% to 49% and also proposes for disinvestment in public sector GIC.
The demonstrations all over the State were led by Pawan Gupta, divisional secretary, NZIEA, J&K and AM Tantray, president, NZIEA J&K. The demonstrations were held under the banner of All India Insurance Employees’ Association.
Speaking on the occasion outside LIC Head Office at Jammu, Romesh Chand and Dinesh Sharma, members of the State Unit lambasted the NDA Government for this anti-nation move and said that 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 of Indian people will not be safe in the hands of the foreign companies.
Romesh Chand contradicted the logic of the NDA Government 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.
“Again total FDI that has come to our country till now is mere 6495 crore and outgo is even more than it. So it cannot be said that more FDI will come in our country by hiking its limit to 49% and it will then be utilized in infrastructural development of the nation”, he added.
Dinesh Sharma said that that when we see the performance of the public sector General Insurance Companies (GIC), it is far better than the private companies; so why the Government wants to bring disinvestment in GIC.
“In fact it is a move towards privatization which the insurance employees strongly resent”, he said, adding the insurance employees will continue their struggle and will go for a one day strike if the Insurance Laws Amendment Bill gets passed in the parliament.
A large number of insurance employees participated in the demonstration both at Jammu and at Srinagar.
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