Karnataka - Udupi   

Disinvestment move opposed

Udupi: J. Suresh, joint secretary of the South Central Zone Insurance Employees’ Federation, has urged the Union Government not to go for disinvestment in profit-making public sector units (PSUs).

He was speaking at the 51st annual conference of the Udupi division of the Insurance Employees’ Union here on Sunday.

Mr. Suresh said that the first Prime Minister of India, Jawaharlal Nehru, was instrumental in starting the PSUs to cater to the needs of vital sectors of the economy. But now, the Government was bent on selling them.

There was no need to promote foreign direct investment (FDI) in the insurance sector. Although the number of people investing in stock markets was just over one crore, the Government was keen on keeping them happy, he said.

The neo-liberal policies had led to lop-sided development of the economy. People were dying of starvation in some north Indian States, but the government policies were catering to the requirements of the rich, Mr. Suresh charged.

The gap between the rich and the poor had widened significantly in the last 10 years. Contrary to the Union Government’s promise of 100 days employment under the Mahatma Gandhi Rural Employment Guarantee Act, the poor were getting employment only for 47 days.

A national convention of the insurance employees’ union would be held in New Delhi next month, Mr. Suresh said.

General secretary of the Udupi division of Insurance Employees’ Union U. Gurudutt; president Prabhakar Kundar; and vice-president B. Bhaskar Somayaji, former general secretary A.S. Acharya, Convener of Women’s Sub Committee of the Association Nirmala, President of Insurance Pensioners Association Vishwajna Shetty, were among those present.

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