FDI hike to 100% will not benefit Indian economy

Vijayawada: Following the call given by joint front of trade unions of insurance and banking, joint protest demonstrations were held on Thursday at Vijayawada Governorpet LIC Office during lunch recess against the amendment of three laws: Insurance Act 1938, Life Insurance Corporation Act 1956 and Insurance Regulatory and Development Authority Act 1999 which was passed by Parliament on Wednesday.

LIC Employees Union, Divisional Joint Secretary, Dr Ch Kaladhar said that the real intent behind the Amendment seems somewhat pernicious and it aims at handing over India’s precious domestic savings to foreign capital on a platter.

SBI Officers Association (AIBOC) leader Rajasekhar said that FDI hike to 100 per cent will neither benefit the Indian economy nor will it bring any benefit to the insuring public.

SBI Staff Union (NCBE) Deputy General Secretary VSR Sekhar said that this will only enable the foreign capital to gain greater access and control over the domestic savings.

LIC Union vice-president Tulasi Rao demanded withdrawal of the bill immediately.

Large number of LIC Employees and several leaders from fraternal trade unions from Banking participated in the protest demonstrations.