Nirmala Sitharaman presented Union Budget and said the government will sells it's stake in Life Insurance Corporation of India. The employees have strongly opposed the government's decision to sell stake in LIC and are going on a nationwide strike on 4 February to protest against the government's proposal. The strike will be of one hour and after that employees will get back to their work. The strike will start at 12.15 pm to 1.15 pm on Tuesday.
Finance Minister Sitharaman announced that the government will sell its stake in LIC and for this the government is bringing an IPO. Life Insurance Corporation of India is the largest insurance company in the country and owns about three-fourths of the country's life insurance market. LIC has been performing extremely well in life insurance market and has won the trust of people.
The All India Insurance Employees Association (AIIEA) has also opposed the government's move related to LIC, saying that on 3rd or 4th February, they will also hold an hour-long strike.
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