LIC employees to intensify stir against move to raise FDI cap
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LIC employees stage a protest in Palayamkottai on Tuesday.
The Narendra Modi-led government’s decision to increase Foreign Direct Investment (FDI) cap in the insurance sector from 49% to 74% has triggered unrest among employees of Life Insurance Corporatiuon (LIC), who staged a demonstration in front of the LIC Divisional Office in Palayamkottai on Tuesday.
While presenting the Union government’s Budget proposals for the next fiscal in the joint session of the Parliament on Monday, Finance Minister Nirmala Sitaraman said the FDI cap would be upwardly revised to 74% from existing 49% “with safety measures.” “The Centre’s decision to go in for Initial Public Offer (IPO) or increasing FDI will undermine the well-being of LIC, its employees and also the policyholders. This dangerous move will enable foreign investors or a small number of billionaires to control LIC’s val