Page 30 - Insurance Times September 2021

the environment with the help of the local community or Measures by IJOEM-http://www.ijoem.com/
compensatory afforestation as often as possible. Once the article.asp?issn=0973-
mine has been closed, effort should be taken to rehabilitate 2284;year=2017;volume=21;issue=2;
those who lost their land or make some optimal use of the spage=56;epage=76;aulast=Rout
land until the land regain its natural fertility. We can reduce 3. Risk assessment and management of mines and
the input and output of the mining process to reduce the mining sector-https://www.labour.gov.on.ca/english/
negative impact on the environment. Adopting global hs/pubs/gl_risk_assessment.php
practices in mining and ensuring safer working condition 4. Oresome Resources - https://
would ensure proper growth and stability. www.oresomeresources.com/app/uploads/2018/06/
Fact-sheet-Opencut-Mining-1.pdf
"Mining is like a search-and-destroy mission".
5. Supreme Court order - https://www.business-
- Stewart Udall
humanrights.org/en/india-supreme-court-maintains-
Overcoming the challenge is the only competition any ban-on-vedanta-bauxite-mining-local-tribes-consulted-
industry would ever have. Mining industry will always have as-sacred-hill-livelihoods-may-be-affected
those challenges coming. 6. Supreme Court order - https://www.firstpost.com/
india/goa-govt-to-consider-tapping-iron-ore-mines-
"Mining is a dangerous profession. There's no way that-havent-been-shut-down-by-2018-sc-order-in-bid-
to make a mine completely safe: These are the to-revive-key-industry-6607681.html
words owners have always used to excuse needless 7. Press Information Bureau - https://pib.gov.in/newsite/
deaths and the words miners use to prepare for PrintRelease.aspx?relid=170138
them". 8. Economic times - https://
- Tawni O'Dell economictimes.indiatimes.com/news/defence/chinas-
gold-mine-at-arunachal-border-may-become-another-
For Further Reading: flash-point-with-india/articleshow/
1. Health hazards of mining and quarrying-https:// 64245745.cms?from=mdr
www.iloencyclopaedia.org/component/k2/item/610- 9. Economic times - https://
health-hazards-of-mining-and-quarrying economictimes.indiatimes.com/blogs/et-editorials/
2. Hazard identification, Risk Assessment and Control how-to-end-rathole-mining-in-meghalaya/

India considers allowing foreign direct investment in LIC

India is considering allowing foreign direct investment in Life Insurance Corporation, according to a person familiar
with the matter, which could enable a single overseas investor to buy a large stake in the firm that’s headed for a
megaIPO.
Any strategic investment would be subject to a cap, though it’s unclear at what level that would be set, the person
said, asking not to be identified as the deliberations are private. Participants at a meeting earlier this month noted
a 20 per cent FDI limit on state-run banks, the person said.
Allowing FDI in LIC would permit so-called strategic investors such as massive pension funds or insurance firms to
participate in the initial public offering, which is slated to be India’s largest ever. The Reserve Bank of Indiadefines FDI
as purchase of a stake that’s 10 per cent or larger by an individual or entity based abroad.
Bankers seeking to arrange LIC’s IPO are due to make presentations to the government Thursday. Prime Minister
Narendra Modi’s administration -- which owns 100 per cent of LIC -- is looking at the sale to help narrow its budget
gap to 6.8 per cent of gross domestic product in the year through March 2022.

The listing could value LIC at as much as $261 billion, based on its assets under management and using private sector
insurers as a benchmark, analysts at Jefferies India wrote in a February note.

While FDI of as much as 74 per cent is permitted in most Indian insurers, the rules don’t apply to LIC because it is a
special entity created by an act of parliament, the person said, adding that the discussions regarding FDI are at an
early stage and no final decision has been reached yet. A spokesperson for the finance ministry couldn’t be immediately
reached for comment.

30 The Insurance Times, September 2021