As the Mega LIC IPO looms, did it fulfil the objectives of nationalisation?

by Com. Amanulla Khan, former president of All India Insurance Employees Association (AIEA) (Reproduced from Insurance Worker, monthly Journal of AIEA, February 2022)

As the LIC IPO is about to be implemented there is a wide scale protests by the employees. The government by privatising LIC is giving in to the demands of both Indian and foreign private companies who want to buy LIC at a later date and take its place as the major insurer. The common people will have to pay high insurance rates as a result of this move. LIC is too important an institution to be privatised. The LIC IPO which would certainly lead to future privatisation of this great institution has serious ramifications for the entire national economy. Therefore, it is the responsibility of the entire society to oppose the government move towards disinvestment in LIC and its ultimate privatisation in the interests of the national economy and economic freedom.