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Staff protests against opening up of insurance sector
Various employees' unions opposed opening up of the insurance sector as announced in the union budget by Finance Minister Yashwant Sinha on Tuesday. General secretary of the All India Insurance Employees Association N M Sundaram said opening up of the sector for private Indian companies would be detrimental to the overall interests of the economy. He said the government facing sanctions from the US was trying to woo foreign companies indirectly into insurance sector. There was no evidence that Indian private sector or foreign companies are inclined to invest in infrastructure'', he said in a statement. The Life Insurance Corporation of India has made a tremendous progress while the private sector would bring unhealthy competition in the industry.