Monday, Oct 18, 2004
Monday, Oct 18, 2004 |
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Advts: Classifieds | Employment | Karnataka
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Mangalore
By Our Staff Correspondent
MANGALORE, OCT. 17. The Insurance Employees' Union, Udupi division, affiliated to the All India Insurance Employees' Association (AIIEA), has opposed a proposal by the Union Government to increase foreign direct investment (FDI) in the insurance sector from the present 26 per cent to 49 per cent. The Puttur unit of the employees' union submitted a memorandum to the MP, D.V. Sadananda Gowda, in this connection, a press release said. Such a move, the release said, would weaken insurance companies such as Life Insurance Corporation of India Ltd. and General Insurance Company, which had played a pivotal role in the nation's economic development. They employees' union feared that it would place a vast amount of money invested by Indians for their security at the disposal of foreign insurance companies, who would gradually try to take over these insurance companies. Mr. Gowda promised a delegation of the employees' union, which called on him, to take up the issue in the next session of Parliament, the release added.
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