KARIMNAGAR, FEBRUARY 04, 2025: The Insurance Corporation Employees Union, Karimnagar division, leaders have staged a lunch-hour demonstration at LIC Karimnagar divisional office in Karimnagar on Tuesday opposing the Union government’s decision to increase Foreign Direct Investment (FDI) in the Insurance sector to 100 per cent from the existing 74 per cent.
Speaking on the occasion, ICEU Karimnagar division general secretary Vaman Rao said that there was absolutely no need to increase the FDI in the Insurance sector as LIC and other Public sector general insurance companies had been performing extremely well, even in this competitive atmosphere. Increasing FDI will only amount to handing over the hard-earned savings of the people to foreign capital, he said and demanded the Union government to withdraw its decision.
Alleging that the BJP government had been steadily increasing the FDI insurance sector since it attained power in the year 2014, he said that ICEU joint secretary Basaveshwar found fault with the BJP government for encouraging the FDIs in the Insurance when they talked about patriotism. Expressing fear over the fate of the insurance policy-holders with the entry of foreign companies, he said that there was no need to encourage the FDIs in the Insurance with the existing Indian companies were doing good and benefiting the people of all sections of society. Division president A Rammohan Rao, division leaders Srilatha, Anupama, DO unit leaders Mahesh, Anandam, Sridevi, Mallesham, LIC Branch-one leaders D Srinivas, Vidyasagar and others participated in the agitation.
