Unions to go on strike against FDI hike in insurance

All trade unions, including the BJP affiliate Bhartiya Majdoor Sangh, in insurance sector will go on a strike on Monday to protest the NDA government’s decision to raise the FDI cap in the sector to 49 per cent.

“Almost 1 lakh employee across the country will strike work on Monday as the government’s move will not only dilute the vitality of insurance sector but also pave the way for foreign capital coming into the most sensitive zone of the economy,” senior CPI leader Gurudas Dasgupta said.

“All over the world private insurance companies have been found to be delinquent. If they are allowed in India, it will seriously compromise the interest of investors and also impair upon the safety of long-term investment in life insurance,” he said.

The Insurance Laws (Amendment) Bill, Modi government’s first major reform initiative to raise FDI cap in the sector to 49 per cent from the current 26 per cent, will be moved in the Rajya Sabha on Monday. Dasgupta said trade unions would meet shortly to take stock of the situation arising out of the government’s moves, including the decision to “dilute” labour laws.