The Hindu : Andhra Pradesh News : LIC urged to extend loans for water schemes

Online edition of India's National Newspaper
Monday, Oct 04, 2004

Andhra Pradesh

Andhra Pradesh

LIC urged to extend loans for water schemes

By Our Staff Reporter

VIJAYAWADA, OCT. 3. The general secretary of All India Life Insurance Corporation Employees Federation, A. V. Nachane, on Sunday, urged the LIC management to extend loans for effective implementation of water management schemes, as it comprised an essential feature of economic growth.

Addressing the south central zonal council meeting here, he said the LIC and GIC, which were committed to their social responsibility for years, would continue their efforts in the social sector to help people of all walks of life. He hoped that the management of the LIC would respond positively to the suggestion.

Fight against FDI

He urged the employees to put up a united fight against the move of the Government to enhance the Foreign Direct Investment (FDI) to 49 per cent in private insurance companies.

This would enable private companies to take on the LIC by offering a stiff competition, which would result in the public sector giant failing to continue its help to the people in the social sector.

Reacting to the employees' plea, the Vijayawada MP, L. Rajagopal, pointed out that the Congress-led United Progressive Alliance Government at the Centre had devised a plan wherein the Life Insurance Corporation and the General Insurance Corporation were expected to make heavy investments in the irrigation sector and water management.

Addressing the third conference of the Federation's south central zonal council in the city, he said the LIC played a vital role in providing security for an individual's life.

Support from MLA

The Vijayawada West constituency MLA and the federation's reception committee member, Sk. Nasar Vali, expressed solidarity with the federation in its fight against the proposal to hike FDI limit in the insurance sector to 49 per cent.

Pointing out that the federation had put forth a set of proposals before the LIC management to meet the challenges of growing competition, Mr. Vali said it was necessary to win confidence of the policyholders.

The former Mayor, T. Venkateswara Rao, the senior journalist, C. Raghavachari, and others were present.

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