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LIC workers protest in opposition to FDI restrict hike in insurance coverage sector | India Information

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LIC workers protest in opposition to FDI restrict hike in insurance coverage sector | India Information

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Ludhiana: Life Insurance coverage Company (LIC) workers staged a protest in Ludhiana on Thursday (March 18) in opposition to the federal government’s determination to lift the Overseas direct funding (FDI) restrict within the insurance coverage 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 workers. 

The LIC workers are protesting in opposition to the federal government’s proposal to privatise the company and improve the FDI restrict within the insurance coverage sector from 49 per cent to 74 per cent.

“There’s a strike throughout the nation. We’re protesting in opposition to the proposal of bringing an IPO of the LIC. It’s an try and push LIC in the direction of privatisation. We demand the federal government to drop this concept. We’re additionally in opposition to elevating the FDI restrict within the insurance coverage sector to 74 per cent,” Ritu Aban, one of many protesters advised ANI.

The All India Insurance coverage Worker’s Affiliation (AIIEA) has known as the strike together with different commerce unions from the trade. They mentioned the protest is in opposition to the federal government’s coverage as it isn’t within the curiosity of the insurance coverage trade not simply that however the nation’s financial system and its individuals. 

In February, Finance Minister Nirmala Sitharaman proposed to amend the Insurance coverage Act 1938 to extend the permissible FDI restrict from 49 per cent to 74 per cent in insurance coverage firms and permit overseas possession and management with safeguards.

Throughout her price range speech, she mentioned: “I suggest to amend the Insurance coverage Act 1938 to extend the permissible FDI restrict from 49 per cent to 74 per cent in insurance coverage firms and permit overseas possession and management with safeguards.”

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