Criticising the Centre's move to increase the cap on Foreign Direct Investment (FDI) in the insurance industry, the South Zone Insurance Employees Union has asked the government to ensure that it remained under the public sector.
The 32nd Conference of the union here yesterday criticised the Union Finance Ministry's move to increase the FDI from 26 per cent to 49 per cent, saying such a measure would only benefit multinational companies.
It also demanded that the four major public sector insurance companies be merged into one entity to face the competition from private players.
The conference condemned the Indo-US nuclear deal and said it would affect the sovereignty of the country.
