Ludhiana: Life Insurance Corporation (LIC) employees staged a protest in Ludhiana on Thursday (March 18) against the federal government’s choice to lift the Foreign direct funding (FDI) limit in the insurance sector to 74 per cent and to carry an IPO of the LIC. LIC was established in 1956 and has 290 million policyholders together with 1,14,000 employees.Â
The LIC employees are protesting against the federal government’s proposal to privatise the company and improve the FDI limit in the insurance sector from 49 per cent to 74 per cent.
“There is a strike across the country. We are protesting against the proposal of bringing an IPO of the LIC. It is an attempt to push LIC towards privatisation. We demand the government to drop this idea. We are also against raising the FDI limit in the insurance sector to 74 per cent,” Ritu Aban, one of many protesters instructed ANI.
The All India Insurance Employee’s Association (AIIEA) has known as the strike together with different commerce unions from the business. They mentioned the protest is against the federal government’s coverage as it isn’t in the curiosity of the insurance business not simply that however the nation’s economic system and its individuals.Â
In February, Finance Minister Nirmala Sitharaman proposed to amend the Insurance Act 1938 to extend the permissible FDI limit from 49 per cent to 74 per cent in insurance corporations and permit international possession and management with safeguards.
During her price range speech, she mentioned: “I propose to amend the Insurance Act 1938 to increase the permissible FDI limit from 49 per cent to 74 per cent in insurance companies and allow foreign ownership and control with safeguards.”
