Life Insurance Corporation of India, one of the jewel PSU, has completed 56 years of glorious service to the nation. It was formed on 1st August 1956 by nationalising certain private insurance companies for better service to the people.

During these 56 years, it has grown as the biggest life insurance company in the country with more than 70% market share. So far, even multi-national companies could not compete with LIC. The company with its 80,000 or so workers and lakhs of insurance agents through out the country gives about 98% satisfaction level to its subscribers.

In strengthening the LIC, the workers and their organisation, All India Insurance Employees Association (AIIEA) has contributed a lot. AIIEA is also one of the most militant union having waged glorious struggles to defend the LIC and the interests of the workers.

I convey my Best Wishes for continued historic growth for both LIC and AIIEA!

The government is trying to disinvest and gradually hand over all the PSUs to the private corporates, stating the PSUs are in loss or some other excuse. But a look at the profit that the PSUs make and the amount they contribute to the Central Exchequer will show that the government is misleading the people.

The top ten profit-making CPSEs in 2010-11 had made a profit of  Rs. 66,729 crores. The total profit by all CPSEs is Rs. 1,13,769 crores. They have contributed to the central exchequer is Rs.1,56,124 by way of dividend, interest, customs duty, corporate tax, sales tax etc.

In fact, PSEs are the hens that lay the golden eggs for the Central Government. And the same government is on the way to kill them one after another.

A strong movement is to be launched to stop the government from this perilous and anti-nation conspiracy.

It is reported that the Air India Pilots have decided to withdraw their strike with immediate effect and join duty. This is as per the statement given by their advocate in the Supreme Court.  The SC directed the government to look in to the issues of the pilots.

A Conciliation meeting will be held on 5th July by the Chief Labour Commissioner Shri N.K.Prasad with both the Air India Management and the Pilots Guild who called for the strike.

An early settlement will put an end to the travails of the travellers and will benefit the ailing Air India.

It is reported that the government is once again making efforts to increase the FDI in the insurance sector on the demands of the MNCs and Indian big business. At present the FDI in insurance is 26%. Though the government wanted to increase it to 49%, the Parliamentary Standing Committee has recommended that there is no need for the same.  For effecting the increase, the government had moved Insurance Laws (Amendment) Bill 2008, but could not pass it so far due to strong opposition including from the trade unions.

It is necessary that another strong movement is to be organised to defeat the nefarious game of the government to appease the MNCs and big business which is against the best ineterests of the nation.

The strike by the Air India Pilots is continuing for the last 56 days. There is no end in sight to the strike. About 100 pilots have been dismissed, the Air India is losing about Rs.22 crores a day, passengers are suffering and the PSU is going down. The striking pilots are on hunger strike for the last eight days and two of them have already been hospitalised. The Government, the Aviation Minister and the Air india Management are taking the stand that whatever happens, they are not prepared to talk with the striking pilots, unless they join duty. They also say that the dismissed pilots case will be settled case by case meaning that all will not be taken back, especially 11 of the union committee members. Pilots are prepared to join duty if everybody is taken back and the union is recognised again.

The people of the country want the strike to end and the Air India starts its operations as earlier. It is the duty of the government to find a solution to the matter.It is not a question of  right and wrong, but a mediation through which the issue is to be resolved. The issue has come in connection with the merger of Air India and Indian Airlines and the management and the government have to sort out the matter. The government should act and resolve the matter urgently by discussing with the pilots association without sticking to its adamant stand.

All the private airlines companies together owe the Public Sector Banks a huge  amount of Rs. 14,573 crores. The arrears are pending for years together, but no serious action is bening taken to collect the same also.  Jet Airways owes Rs. 5,899 crores while King Fischer owes Rs. 5,748 crores. What action is taken by the government to recover the arrears?

Wide publicity will be given by the media if it is Air India that owes the arrears. But when it is private airlines, they will keep mum.