The employees of Life Insurance Corporation Srinagar Division on Thursday staged a protest in Srinagar against the Initial Public Offer (IPO) of the LIC and increase in the Foreign Direct Investment in the LIC India.
Leading the protesting employees at Press Enclave Srinagar, General Secretary All India Life Insurance Corporation Federation Srinagar Division, Arshad Hussain told reporters that they strongly oppose the IPO in LIC and foreign direct investment of 74 per cent, news agency KNO reported.
Hussain said through the move, the government has "opened the doors for FDI to take out the assets that have taken the shape over the past 70 years and majorly all government projects are being financed by the LIC of India".
"We want to protect the people's money and we will not let this happen," he said.
He further said that the corporation's was the "money of orphans and widows and these multi-national companies do not have any human consideration as they simply come with profit motive".
"They do not have any criteria whether people will die or live. We want to protect that, and we will protect that," Hussain said.