Mangalore, December 7: The Udupi division of All India Insurance Employees' Association (AIIEA) has expressed its opposition to the FDI in retail policy of the UPA government.
Addressing media persons at Press Club in Mangalore on Friday, U Gurudutt, Chief Secretary of the Association, said that from the perspective of Insurance workers, the FDI policy is not in the best interest of the country.
The Association believes that there is no lack of investment in the country. According to global statistics, India already stands first in the whole world in providing insurance to people. By attracting more foreign investment in Insurance sector through FDI, the government is letting them enter the country and earn profits. Foreign investment will strengthen its hold on the internal savings of India, Mr. Gurudutt said.
He also said that the Association opposes the move of the UPA government to get the Insurance Laws (Amendment) Bill 2008 approved in the Parliament as there is a proposed increase in limit for foreign investment in Insurance sector from 26% to 49%.
In opposition of the UPA-2's policies including FDI and price rise the AIIEA has called for a nationwide protest on February 20 and 21, 2013, Mr. Gurudutt informed.
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