Wed Feb 05 15:10:18 UTC 2025: ## Kadapa Protestors Condemn 100% FDI in Insurance Sector
**KADAPA, February 5, 2025** – Members of the ‘Save Public Sector Committee’ staged a candlelight rally in Kadapa on Wednesday, protesting the government’s approval of 100% Foreign Direct Investment (FDI) in the insurance sector. The committee, which opposes the privatization of public sector undertakings, denounced the move as “irresponsible,” claiming it prioritizes bankrupt foreign insurance companies over the success of LIC (Life Insurance Corporation of India).
Committee convener A. Raghunatha Reddy criticized the decision, arguing that allowing foreign companies into the sector would not serve the needs of the Indian public. He highlighted LIC’s strong track record and stressed the need for insurance policies tailored to Indian requirements.
The protestors demanded special tax relief on life insurance premiums, GST exemption for LIC, and greater autonomy for the company. They also called for the withdrawal of the proposed Insurance Act Amendment Bill. The rally included representatives from various organizations, including the Bank Employees Coordination Committee and the A.P. Pensioners Association. The protestors emphasized the importance of a strong public sector to withstand global economic crises.
First Piper 