Visakhapatnam, September 24, 2007
AIIEA plans organizational steps against FDI cap
The All India Insurance Employees' Association (AIIEA) opposed the Central Government's move to private India's No.1 Insurance company – the Life Insurance Corporation of India (LIC). The Association also opposed allowing more equity participation of foreign firms in Indian insurance companies. The AIIEA National President NM Sundaram speaking to media on Monday said that it will take appropriate organizational steps as and when Finance Minister passes the bill in the Parliament seeking increase in the FDI cap from 26 percent to 49.
Sundaram sought to know the rationale in increasing the FDI limit when Indian companies are flush with funds. He said it is not because of paucity of funds but from the pressure from US and some European countries that the Central Government is trying to give more financial stake for MNCs in Indian Insurance Companies.
Sundaram further said that the Left parties resolved to defeat the FDI bill in the Parliament and thwart the attempts to privatize LIC by making joint efforts with the AIIEA and other trade unions. LIC Visakhapatnam Division president K Mohana Rao and general secretary BB Ganesh were present.
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