Visakhapatnam

VUPPC, All Party Trade Union JAC oppose LIC IPO

Representatives of All Party Trade Unions JAC staging a rasta roko near the GVMC Office in VIsakhapatnam on Tuesday.

Representatives of All Party Trade Unions JAC staging a rasta roko near the GVMC Office in VIsakhapatnam on Tuesday. | Photo Credit: By Arrangement

The representatives of Visakha Ukku Parirakshana Porata Committee (VUPPC) have called upon the workers to oppose the proposal of the Centre to come out with an IPO in LIC. They alleged that the objective of the move was to privatise the LIC.

They staged a dharna opposite the Administrative Building of Visakhapatnam Steel Plant (VSP) on Tuesday.

Addressing the gathering, AITUC national vice-president D. Adinarayana said that the Central Government had established the LIC with ₹5,000 crore and today it has accumulated assets worth ₹32 lakh crore. The Modi government was planning to issue shares to 95% policyholders from the profits of the corporation in a bid to strengthen the economy of the nation. He said that it was nothing but selling away public assets and it is the responsibility of the citizens to oppose the IPO.

VUPPC leaders J. Ayodhya Ram and Mantri Rajasekhar said that LIC had contributed ₹600 crore to VSP during the construction phase of the plant and thereby contributed to the development of the nation. They alleged that the government was valuing the ₹32 lakh crore assets of LIC for a mere ₹6 lakh crore. They demanded immediate rollback of the decision, failing which they would have to face the wrath of people.

A rasta roko was also organised, under the aegis of the All Trade Unions JAC, opposite the GVMC office, to protest against the proposal of the Union government to come out with an IPO in the Life Insurance Corporation (LIC), which they alleged would pave the way for privatisation of LIC.


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Printable version | Jun 21, 2022 7:27:59 am | https://www.thehindu.com/news/cities/Visakhapatnam/vuppc-all-party-trade-union-jac-oppose-lic-ipo/article65379366.ece