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| NZ Insurance employees hold dharnas against FDI | | | early times report
Jammu/Srinagar, Nov 17: Northern Zone Insurance employees' Association Srinagar Division under the banner of AJI India Insurance Employees' Association organized DHARNAS at Jammu and at Kashmir against the Central Govt. decision to allow hike FDI in Insurance sector from 26% to 49%.The dharnas at Jammu was lead by Divisional Secretary N Z I E A Srinagar Division Comrade Pawan Gupta and at Srinagar, it was lead by President N Z I E A Srinagar Division Comrade A. M. Tantray.
Speaking on the occasion at Jammu, Comrade Pawan Gupta said that we are of the firm opinion that allowing FDI in the insurance sector which is larger segment of the market economy is meant only for capturing the national wealth. Public sector General Insurance Cos are having sufficient capital and reserves. By merging public sector general insurance Cos. the capital can be increased. So there is no need for raising capital from the market. In respect of FDI for infrastructural development of the country, the experience of the last 12 years has proved to be otherwise. The total FDI through 26 % in insurance sector is around 5500 crore as revealed by latest report of the IRDA. Public sector LIC has provided this sum to Govt. of India in one year alone (2011-2012). The total investment by the Life Insurance Industry in the infrastructure development is Rs 89000/ crore and LIC alone has contributed Rs- 8 I 000/ crore i.e., more than 90% has been provided by LIC and only less than I 0% is the share of pvt. Cos.
Besides infrastructural development, the contribution of LIC in 11th Five year Plan (2007-2012) is Rs 8.20 lakh crores. Private insurance Cos .. have not brought any new products in this country. Rather they brought the culture of Unit Linked policies that proved beneficial neither for the policy holders nor for the development of the nation. There is no match of LIC in the technological development. |
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