Vijayawada: (AIIEA) has resolved to fight the fight against privatization of LIC in its two-day national conference that concluded here on Sunday. Addressing the gathering, AIIEA General Secretary Shrikant Mishra said that AIIEA opposed LIC's Initial Public Offer (IPO), increase in Foreign Direct Investment (FDI) in the insurance sector and the recent move to privatize the public sector general insurance . companies.

Mishra said that it is unfortunate that the government is proceeding with these steps while a large section of the population is opposing it. He said that LIC's IPO will badly affect the country's economy and weaker sections and will defeat the objectives of nationalisation. "LIC will have to focus on increasing the profits to the shareholders," he said.

AIIEA is very upset with the way the Government has recently passed the General Insurance Business Nationalization (GIBNA) Amendment Bill in Parliament. He said the bill was passed in a strong hand manner in blatant disregard of the earlier commitment to Parliament and the nation that the government would hold at least 51 per cent stake in the four public sector general insurance companies and GIC.

India brings back 146 of its evacuated nationals from Qatar's capital Doha

Israel Launches Official Probe Into Jewish Festival Stampede

Iran willing to engage in "reasonable" negotiations that serve people's interests