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Kerala Assembly passes unanimous resolution
against LIC IPO
Chief Minister Pinarayi Vijayan, who moved the resolution in the Assembly, opined that
leaving the insurance giant to the interests of private players would not be beneficial to
the country
The Kerala Legislative Assembly on Wednesday passed a
unanimous resolution, voicing concern over the Centre’s move to
sell stakes in insurance behemoth LIC and urging it to retain the
institution, which played a key role in the development of the
nation.
Chief Minister Pinarayi Vijayan, who moved the resolution in the
Assembly, opined that leaving the insurance giant to the interests
of private players would not be beneficial to the country and hence
the union government should revisit its decision. “The union
government is trying to justify its act by propagating that only 5 per
cent stakes will be sold through an Initial Public Offering (IPO) and
that is not privatisation.
But it is clear that selling shares is the first step towards
privatisation and that is the real objective of the government,” he
said. He recalled that the LIC was nationalised with an aim to
protect stakeholders from the exploitation of private companies
and to ensure that insurance coverage was extended to the
weaker sections and backward areas of the country…Read More