KARNATAKA

Row over Antulay remarks a ploy to cover up FDI issue: DYFI

VOICING THEIR OPPOSITION: Members of Life Insurance Employees’ Union staging a protest against the proposed Insurance Laws (Amendment) Bill in Mangalore on Monday.

VOICING THEIR OPPOSITION: Members of Life Insurance Employees’ Union staging a protest against the proposed Insurance Laws (Amendment) Bill in Mangalore on Monday.  

Staff Correspondent

Government proposes to increase paid-up capital of LIC

MANGALORE: Muneer Katipalla, district president of the Communist Party of India (Marxist) and affiliated Democratic Youth Federation of India (DYFI) has said that the storm that arose in both the Houses of Parliament over the remarks of Union Minister for Minority Affairs A.R. Antuluay was a “diversionary tactic”.

He was addressing a protest rally, organised by Insurance Employees’ Union, an affiliate of the All India Insurance Employees’ Association, on Tuesday against the Insurance Laws (Amendment) Bill, 2008, and the “neo liberal policies of the Manmohan Singh government”. The Congress-led United Progressive Alliance government and the Bharatiya Janata Party-led National Democratic Alliance opposition consciously blew the Antulay issue out of proportion only to divert the public attention from the Insurance Laws (Amendment) Bill, 2008, Mr. Karipalla said.

The Bill sought to increase the foreign direct investment (FDI) in the insurance sector from the present 26 per cent to 49 per cent. It proposed to permit the Oriental Insurance Company, New India Assurance, United India Insurance and National Insurance Company, to go public.



Protest in Udupi

Our Udupi Staff Correspondent reports: Members of the Udupi division of Insurance Employees Union staged a demonstration in front of the Divisional Office of the Life Insurance Corporation (LIC) of India here on Tuesday in protest against the Union Government’s move to increase the foreign direct investment (FDI) in the insurance sector and raise the paid-up capital of LIC.U. Gurudutt, general secretary of the Udupi division of the union, said that the Union Minister of State for Finance, Pawan Bansal, had introduced the Insurance Laws (Amendment) Bill, 2008in spite of stiff opposition from the Left parties and others.

The Union Government wanted to help private players in the insurance sector. The global financial meltdown was caused by deregulated policies in the banking and isurance sectors of the U.S. and Europe, Mr. Gurudutt said.

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