LIC Employees strike call on Dec-23 against introduction of FDI hike bill in the Parliament



All India LIC Employees' Federations announced strike":
 All India LIC Employees' Federations have given a day strike call on December 23 against introduction of FDI hike bill in the Parliament to raise the limit from 26 percent to 49 percent of share holding in Insurance Companies.
Allowing hike "FDI limit to 49 percent in Insurance Companies at the critical juncture will be like inviting" devil for a dinner or pushing vessel into the rough sea weather when Tsunami waves already have started roaring, P.Mahesh, General Secretary, South Central Zonal Council of All India LIC Employees Federation said in a release here on Monday.
FDI is being advocated with the primary objective of enlarging non debt creating foreign capital inflows. Further technology acquisition and market access appear to be secondary objective.
The most important need under today's conditions is to create substantially, reduce volatility and ensure smooth undisturbed growth. None of these is likely to be achieved by allowing higher cap in FDI.
FDI proposed by government has more characteristics of foreign portfolio investment and is therefore is likely to be more volatile and vulnerable, release said.
The global economic recession in developed countries and its reflection in Indian economy due to the neo liberal economic policies pursued by the successive Govts in India during the last one and half decade forced the Govt. to stimulate selected sectors of industry.
However it seems to have not learnt its lesion. In spite of the bankruptcy and closure of the so-called world financial institutions and Insurance giants, the Govt. of India is bent upon in its pursuit of further liberalizing the economy and privatizing the assiduously built public sector organizations like LIC.
The Govt. is introducing the bill to amend LIC Act (to increase equity from 5Crores to !00 Cr.) in Lok Sabha on Monday 22.12.2008. Another Bill to raise money from Market (disinvestment) is to be introduced in Raja Sabha on the same day to allow public Sector Insurance Companies to raise money from market. Unions in LIC and General Insurance Companies are preparing for a one day protest Strike on the next day i.e. 23rd December, 2008.
The State COCs and all affiliated organizations are therefore requested to organize solidarity protest a demonstration on that day. The COCs may chalk out and organize programmes on 23.12.2008 alongwith the Unions in the Banking sector, as we have been informed that BEFI has also conveyed similar decision to all its units..

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