Narendra Modi government announces it’s decision for disinvestment in the LIC.

Ms. Nirmala Sitharaman, Finance Minister, while submitting the budget in the Parliament on 01.02.2020, has announced that the government will start disinvestment in the LIC, in this financial year. This decision of the government is atrocious, to say the least. LIC is the prestigious life insurance company of the Government of India. It is extending huge financial assistance to the development of the nation. Still in it’s desire to hand over the entire national wealth to the corporates, the Narendra Modi government has decided to privatise the LIC. Disinvestment is nothing but the starting of privatisation. This decision of the government comes close on the heels of the decision of the government to privatise the Air India and the BPCL (Bharat Petroleum Corporation Ltd.). It only indicates that, the disinvestment / privatisation of BSNL is not far away. BSNLEU strongly condemns the decision of the government to start disinvestment in the LIC. The mighty trade union of the LIC, the AIIEA (All India Insurance Employees Association) has announced agitational programme including strike. The leaders and cadres of BSNLEU throughout the country are requested to extend all out support to the struggles of the AIIEA.