Every government that has ignored the protests of the people has fallen, and the BJP government in the Centre [would be] no exemption, said DMK MP, T.K.S. Elangovan in Madurai, on Sunday.
Addressing a conference against disinvestment of shares of LIC organised by the South Zone Insurance Employees’ Federation, Mr. Elangovan, criticised the Centre’s move to disinvest LIC. “The government says it wants to disinvest shares of LIC because it wants revenue. Earlier, a Union Minister said it was not the business of the Union government to sell petroleum products.”
“The government is moving away from giving education and healthcare. If the government was not going to offer these services, then what is the government for,” Mr. Elangovan asked. The primary duty of the government was to protect the socio-economic condition of the citizens, he said.
LIC was started with a meagre investment of Rs. 5 crore in 1956, and since inception, it has given a dividend of Rs. 28,000 crore to the Centre. “This was possible, because every citizen has invested in the LIC. After the introduction of GST and demonetisation, the Indian economy has been on the fall,” he said.
A resolution passed at the conference said that LIC has been a major investor in many State and Central government projects from roads, bridges to housing facilities. Even after 24 private insurance companies have entered the market, 70% of the policies are still with LIC. Besides, LIC has been ensuring employment opportunities to the most backward classes and oppressed classes.
Disinvestment of shares of LIC was only a prelude to privatise the public sector insurance company, the resolution said. Privatisation was not a solution for the country for better administration and services to the people, and several private banks are facing losses and foreign insurance companies have fled the country, the resolution said.
The Centre can mobilise revenue by increasing corporate tax, share-market transaction tax increase, and taxing the super rich, the resolution said.
The conference also resolved to protect LIC to uphold the people’s faith in the PSU and prevent its privatisation.
