Daijiworld Media Network - Udupi (HB)
Udupi, March 10: The employees of the Life Insurance Company Union, Udupi staged a protest against the central government ordinance to hike the FDI in the insurance sector from 26 % to 49 %. This was held on Monday, March 9 in front of the LIC office Ajjarkad, here.
The union condemned the FDI and the privatization of four general insurance sectors.
According to Insurance Act Bill 2015,the FDI was increased from 26 % which has now increased to 49 %. They hope that in the future FDI will go up further.
The employees of the LIC said that, this is a kind of political conspiracy of the central government to control domestic savings of the Indian people and the Indian currency would not be safe in the hands of foreign companies. The total capital of the FDI is Rs. 6880 crores. The total capital of private insurance companies is Rs. 25,550 crores.
The employees of LIC shouted at the central government accusing BJP of breaking all the constitutional policies. This would be the first step to control domestic capital. This policy would however spoil the interest of the entrepreneurs.
The LIC unionists demanded to stop privatization and reduce the percentage of FDI.
K Vishwanath, president of the union, Derek A rebello, vice president, Nirmala and others participated in the protest.