The All India National Life Insurance Employees Federation, affiliated to the INTUC, said that it strongly opposes the move of the Centre to list LIC in the stock exchange and also the proposal to sell a part of the government holding through public offering.

The Federation's working president Deepak Sharma said in a statement that the main focus of the Government is privatisation and disinvestment of government holdings in Public Sector Undertakings. “The move to list LIC in stock exchange and the proposal to sell a part of the government holding through public offering is not in favour of policy holders of the LIC. It will result in trust deficit by policy holders and may also lead to weakening of the Corporation,” Sharma said. “Experimenting with the structure of LIC will negatively impact the national economy also,” he added.

He said the Centre is utilising the Covid situation to push its agenda of disinvestment and wholesale privatisation of Public Sector Enterprises, 100 per cent FDI in core sectors like the railways, defence, port and dock, coal, Air India, banks, also in the insurance sector.

“We will continue our fight to save the insurance sector which is the back bone of Indian economy,” Sharma said.

Published on June 27, 2020

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