Trade unions to go on strike against FDI hike in insurance

Tags: News
All trade unions, including the BJP affiliate Bhartiya Majdoor Sangh, in insurance sector will go on a strike tomorrow to protest the NDA government's decision to raise the FDI cap in the sector to 49%.

"Almost 1 lakh employee across the country will strike work tomorrow as the government's move will not only dilute the vitality of insurance sector but also pave the way for foreign capital coming into the most sensitive zone of the economy," senior CPI leader Gurudas Dasgupta said.

"All over the world private insurance companies have been found to be delinquent. If they are allowed in India, it will seriously compromise the interest of investors and also impair upon the safety of long-term investment in life insurance," he said.

The Insurance Laws (Amendment) Bill, Modi government's first major reform initiative to raise FDI cap in the sector to 49% from the current 26%, will be moved in the Rajya Sabha tomorrow.

Dasgupta said trade unions would meet shortly to take stock of the situation arising out of the government's moves, including the decision to "dilute" labour laws.

Such moves, he said, will seriously jeopardise the tranquillity, stability and safety of the financial sector.

Referring to the labour strike in Rajasthan two days ago against the state government's move to privatise the government-owned transport company, he said unions would be stepping up their agitation against such moves.

EDITORIAL OF THE DAY

  • Modi’s first meeting with Trump is likely to be exploratory, devoid of any frills

    Prime minister Narendra Modi and US president Donald Trump’s first meeting may not yield much in terms of big bang agreements.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Freedom Files : THE LAST SHEPHERD

The deep sense of foreboding was still to set in, ...

Susan Visvanathan

Ideologies are myopic

While multinationals have stabilised in India, and recruitment portals are ...

Kuruvilla Pandikattu

Conservation of nature & religion

Religious experiences have been intimately linked with nature. In ...