We will not let sale of public sector majors, the nation’s treasures: MP
The Hindu
LIC employees stage protest against listing of LIC in the bourses
Public sector undertakings were the country’s treasures which no government can sell to corporate companies, said Madurai MP Su. Venkatesan here on Saturday.
He was speaking at a demonstration staged by Insurance Corporation Employees’ Union (ICEU) of Madurai Division under the aegis of All India Insurance Employees Association (AIIEA) to condemn the Union government’s proposal to list Life Insurance Corporation (LIC) in the bourses.
Comparing the relentless protests againt privatisation to the repeal of the controversial Farm laws in the wake of stiff and sustained opposition from farmers, Mr. Venkatesan said, “Such a stupendous victory was possible because of the common man’s protest against the Union government. Likewise we will not rest until the Initial Public Offering (IPO) proposal is withdrawn.”
Deputy Mayor of Madurai T. Nagarajan was present at the demonstration which is his first public event after he assumed office. Mr. Nagarajan said that he respected the sentiments of LIC employees and would extend his support by all means.
N.P. Ramesh Kannan, general secretary of ICEU said, “The very purpose of the LIC to serve the common man will get defeated if the insurance majors are privatised as the private sector is only after making money.” The lowest premium in a LIC policy starts from ₹16,000 which is five times lesser than that of private insurance companies. “The proposed listing of 5% of shares in the bourses is the first step to total privatisation,” he said.
G. Meenakshi Sundaram, president of ICEU, Madurai Division, spoke on the impact of privatisation on customers and how the common man’s savings will be at stake.
S. Siva Subramaniam, treasurer of SZIEF, said , “We have been protesting against privatisation while many public sector companies have given up their struggle. We also strongly condemn the listing of LIC’s shares in the stock market . We have a strong conviction that the government will not stop with the proposed 5% and will go on raising it, in which case we will intensify our protest till we succeed .”