Mysuru/Mysore: Following the announcement by Union Finance Minister Nirmala Sitharaman while presenting the Union Budget recently that the LIC would be listed in the Stock Exchange and the Government would sell a part of its stake in LIC via public offering, members of various insurance unions, numbering more than 100, opposing the move of the Union Government, staged a one-hour walkout strike during the lunch break at the LIC Office near Millennium Circle this noon in city.
Stating that the move by the Union Government to sell a part of its share as against the national interests, the protestors said that the Government holds 100 % stake in LIC at present and added that the domestic savings of the policy holders helps capital formation which is utilised for developmental activities in the country. They further said that the immense contribution of LIC to the Five-Year Plans, investments in social sector to the tune of more than 80% of its total investment, etc., for the last 68 years will receive a great set back with this move.
