Daijiworld Media Network - Mangalore (TU/CN)
Mangalore, Dec 23: About 200 employees of the insurance sector from undivided Dakshina Kannada district turned up in front of the LIC branch at KS Rao Road as part of a nationwide protest against the Foreign Direct Investment (FDI) hike in the insurance sector and privatization of LIC on Tuesday December 23.
Shouting slogans against the UPA government for introducing the Insurance Laws (Amendment) Bill in the Rajya Sabha, demonstrators burnt an effigy of the bill. The government has introduced the bill alongwith Life Insurance Corporation (Amendment) Bill in the Lok Sabha amidst stiff opposition from the Left parties on Monday December 22.
Addressing the protesters, B N Madhav, state joint secretary, Bank Employees’ Federation of India, opined that introducing the LIC Reformation Act and Bank Reformation Act may cause an economic melt down in the country. “So far, India is safe from the clutches of recession due to the opposition of the Left parties to such bills. It is a protest to save our economy”, he added.
Nagesh Kumar, regional secretary, All India Insurance Employees’ Association, said the union government is making an attempt to increase the cap on FDI in insurance sector from the present 26 percent to 49 percent. Comprehensive legislation on insurance is being introduced under pressure from the international finance capital, which is against the interests of the nation.
Vasudheva Uchil, secretary, Samudhaya, urged the union government to go with LIC Kamadhenu. Munir Katipalla, district secretary, DYFI, was present.