The Hindu Business Line : FDI hike in insurance opposed

The National Federation of Insurance Field Workers of India (NFIFWI) has opposed the increase in the foreign direct investment (FDI) from 26 per cent to 49 per cent in the insurance sector. According to Mr J. Karthik Raja, General Secretary, NFIFWI, Tirunelveli Division, the rise in FDI would only pave the way for profiteering and the service motive would be lost. Already, the participation of FDI up to 26 per cent in the private sector has seen many violations of rules an d regulations, resulting in the imposition of penalties by the authorities. —

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