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Slamming the passage of the Insurance Law (Amendment) Bill 2015 in the Lok Sabha for “dangerous disregard of democratic parliamentary propriety”, the Centre of Indian Trade Unions (CITU) said it will fully back Monday’s strike called by public sector insurance employees.
Protest against the Bill Unions of the four State-owned non-life insurers and Life Insurance Corporation have called for a one-day strike on March 9 to protest against the Bill, which aims to raise the foreign direct investment (FDI) cap from 26 per cent to 49 per cent.
CITU President AK Padmanabhan flayed the Government for introducing the Bill in the Lok Sabha and getting it adopted on March 4, although it is still pending with the Rajya Sabha.
Public sector Describing the Indian public sector insurance industry of the country as the “most successful”, he accused the BJP Government of trying to permit “invasion of our insurance sector by private big business, both foreign and indigenous.”
The Bill, seeking to replace an ordinance on the subject, is likely to be taken up this week in the Rajya Sabha after four-day Holi holidays.
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