Odisha employees protest FDI hike in insurance sector

Sambad English Bureau Published On : Jul 13, 2014 at 11:18 AM Updated On : Jul 13, 2014 at 4:50 PM

Odisha Sun Times BureauBhubaneswar, July 12:Odisha General Insurance Employees Association on Saturday condemned the hike in Foreign Direct Investment [FDI] limit in the insurance sector to 49%, which has been proposed by the Union Finance Minister Arun Jaitley in the current general budget for the year 2014-15, according to sources.

According workers aowing allegiance to the association, foreign insurers will now have a greater say in the insurance business in India due to the increase in FDI limit from the existing 26% to 49% and in turn would reduce the control of the domestic insurance companies.

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“The four National insurers in the country, including the Life insurance corporation [LIC], are still incurring losses despite the existing 26% FDI in the sector approved by the Congress-Bhartiya Janta Party combine 14 years ago,” Joint Secretary of the association Bamadev Mishra claimed.

Mishra has urged the four general insurance companies to unite to convert these into one company for strengthening the business prospects and profitability and demanded roll back of hike in FDI in the sector.