Every government that ignored people’s protests had fallen and the BJP government at the Centre (would be) no exemption, said DMK MP T.K.S. Elangovan on Sunday.
Addressing a conference against disinvestment of Life Insurance Corporation shares, organised by South Zone Insurance Employees’ Federation here, Mr. Elangovan said, “The government says it wants to disinvest because it wants revenue. Earlier, a Union Minister said it was not the business of the Centre to sell petroleum products. The government was distancing itself from welfare sectors such as education and healthcare.”
“If the government is not going to offer these services, then what is it for?,” he asked. The primary duty of the government was to protect the socio-economic conditions of the citizens. The LIC was started with a meagre investment of ₹5 crore in 1956 and since its inception it had given a dividend of ₹28,000 crore to the Centre.
“This was possible, because every citizen has invested in the LIC. After the introduction of GST and demonetisation, Indian economy has been on the fall,” he said.
A resolution passed at the conference said the LIC was a major investor in many State and Central government projects for constructing roads, bridges and housing facilities. Even after 24 private insurance companies had entered the market, 70% of the policies were still with the LIC. Besides, it had been ensuring employment opportunities to most backward and oppressed classes.
‘Only a prelude’
Disinvestment of LIC shares was only a prelude to privatise the public sector insurance company. Several private banks were facing losses and foreign insurance companies had fled the country. The Centre could generate revenue by increasing corporate tax, share market transaction tax, and taxing the super rich, the resolution said.
The conference also resolved to protect the LIC from privatisation to uphold the people’s faith in the public sector unit.
Madurai MP Su. Venkatesan said that the Centre was planning to monetise All India Radio, Doordarshan, railway hospitals and playgrounds.“Prime Minister Narendra Modi has been in the forefront of demolishing public sector units. LIC employees were not fighting for salary increment but to protect the company in public interest,” he said.
Federation functionary Swaminathan said that LIC employees would continue to oppose the Centre’s move to privatise LIC.