GUWAHATI, March 16 - The Gauhati Division Insurance Employees’ Association is organising a seminar on the importance and the challenges faced by the public financial sector of the country, at Sudmersen Hall of Cotton University here tomorrow. The seminar will start at 11 am, said a press release.
The keynote address will be delivered by All India Insurance Employees’ Association president Amanulla Khan.
The association said that the country’s public financial sector – including the public sector insurance companies and banks – has been facing grave challenges today due to the neo-liberal economic policies pursued aggressively by the present regime at the Centre. Sinister attempts are on to systematically weaken and privatise public sector insurance companies and banks.
The process of disinvestment of shares of the public sector general insurance companies has already been initiated. Now, steps are afoot also to merge three insurance companies – National, Oriental and United India – with a view to disinvesting and eventually privatising these companies.
Moreover, Foreign Direct Investment (FDI) has been allowed in the insurance sector to the extent of 49 per cent, following promulgation of the Insurance Laws (Amendment) Act. Imposition of GST at the highest slab on the insurance products has also negatively impacted the insurance sector of the country.
Demands are also there from vested interest circles to privatise the Life Insurance Corporation of India, alleged the association.
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