Members from the Insurance Corporation Employees Union held a protest near the LIC building in the city, protesting against the proposed hike in FDI in the insurance sector from 49% to 74%, privatisation of one General Insurance Company and two PSU banks and listing LIC in the stock market, during the 2021-22 financial year.
They said that the move to disinvest LIC will severely impact the economy. They also said that it was against the objectives of LIC.
ICEU general secretary of the Visakhapatnam division, N. Ramanchalam, said that demonstrations against the move are being held across the country and will continue till the Union Government goes back on its proposal.
