Tamil Nadu Congress Committee president K.S. Alagiri demanded the Centre drop the move to disinvest in the Life Insurance Corporation of India (LIC) and list it on the stock market and warned of nationwide protests if the proposal is not dropped.
In a statement, Mr. Alagiri said the LIC had been functioning as a trusted organisation and as a friend of the citizens. “LIC is considered as India’s Kamadhenu and any stake sale in it is leading to policy holders, employees and others getting stressed about the move,” he said.
Mr. Alagiri said the move to sell a stake in LIC that was started by Jawaharlal Nehru was equivalent to just giving away the assets of the citizens in the hands of private players.
“LIC is providing ₹4 lakh crore per year as capital to the Modi government,” he said.
The TNCC president said the people would not accept LIC being given away to private players. “LIC has 30 crore policy holders. People will not accept the privatisation of an organisation that is as independent as the LIC,” Mr. Alagiri added.
