06-Aug-2026

Historic, Herculean and Unprecedented Role Played by LIC During the Global Economic Meltdown (2008-10) in Saving India from a Devastating Financial Crisis.
Deat Comrades Every Indian worth his or her salt must firmly oppose and defeat the Government's move to disinvest an additional 5.6% of its equity in LIC.
During the worst global financial crisis since the Great Global Depression of 2008-10, LIC stood like a rock, shielding the Indian economy from catastrophic consequences through extraordinary and unparalleled interventions.
1. Counter-Cyclical Market Stabiliser.
* Absorbed Massive Foreign Selling: When Foreign Institutional Investors (FIIs) fled emerging markets in panic, LIC stepped in as the buyer of last resort, preventing a collapse of the Indian stock market.
* Record Capital Infusion: During 2008–09 alone, LIC invested an unprecedented ?40,300 crore (now about 8 lakh crores) in the equity markets to restore confidence and stability .
* Powered the Recovery: In 2009–10, LIC invested a further ?55,000–60,000 crore,(now about Rs 10 lakh crores) playing a decisive role in reviving investor confidence and accelerating the market's recovery.
2. Mutual Fund and Credit Backstop.
* Prevented Systemic Contagion: As the global credit freeze triggered severe redemption pressures across Indian mutual funds, LIC stepped in to prevent a wider financial crisis.
* Stabilised the Financial System: It absorbed highly stressed real estate and debt portfolios of LIC Mutual Fund, helping maintain liquidity and confidence in the asset management sector.
3. Anchor of Government Borrowing.
* Financed Economic Stimulus: As the Government borrowed heavily to fund economic stimulus packages, LIC subscribed to a substantial portion of Government Securities.
* Kept Borrowing Costs Under Control: By supporting Government borrowing at a critical time, LIC prevented a sharp escalation in interest costs and ensured uninterrupted financing of national recovery efforts.
4. Safe Haven for the Nation's Savings.
* Earned Unmatched Public Trust: At a time when confidence in private financial institutions was shaken, millions of Indians entrusted their savings to LIC because of its sovereign backing and impeccable credibility.
* Protected Domestic Capital: LIC commanded over 58% of the insurance premium market and more than 70% of individual policies, ensuring that enormous domestic savings remained securely invested within India.
5. Pillar of Government Disinvestment.
Whenever the Government undertook disinvestment of Public Sector Enterprises under adverse market conditions, LIC consistently subscribed to those shares, enabling the Government to mobilise critical financial resources.
6. Lifeline of Liquidity.
When the Indian financial markets were starved of liquidity, LIC infused massive funds, restoring stability, confidence and normal market functioning .
7. Countless Other Extraordinary Contributions.
Beyond these remarkable interventions, LIC made innumerable contributions during the global financial crisis, making it one of the greatest institutional protectors of India's economic stability.
The Unanswered Question
Why then is the Government so determined and keen to weaken and dilute its stake in such a priceless national institution merely to raise about ?31,000 crore through disinvestment, when LIC itself contributes annual dividends of around Rs.13,000 crore to the national exchequer?
LIC is not merely an insurance company. It is India's financial fortress, the nation's economic shock absorber, and one of the strongest pillars of our financial sovereignty.
With an increasingly uncertain global economy and rapidly evolving geopolitical challenges, India will need institutions like LIC more than ever before to meet future Economic Catastrophes.
Therefore, every patriotic Indian must rise above political affiliations and narrow partisan considerations to resist and defeat this short-sighted and potentially disastrous move. LIC is a National Economic Goldmine that has repeatedly rescued India in times of crisis and will remain indispensable in safeguarding the nation's future.
Let us unite to protect LIC for the security of our economy, the safety of our people's savings, and the prosperity of generations yet to come.
- G.L.Jogi, GS SNPWA.

06-Aug-2026

06-Aug-2026

06-Aug-2026

SNPWA exiends Heartfelt gratitude for the fair, prompt, and decisive intervention of Secretary DoT in securing justice to the ST retirees of Maharashtra Circle.
View GS Letter Copy

05-Aug-2026

A GLORIOUS TRIUMPH OF JUSTICE:
A Heroic Saga of Compassion, Courage and Unyielding Leadership.
There are moments in the life of an organisation that transcend ordinary achievements and become part of its proud history. Today is one such moment. The long night of anxiety, uncertainty and injustice has finally ended for 183 Scheduled Tribe retirees of Maharashtra Circle . After five agonising years of waiting, they have at last received their long-denied retirement benefits. It is not merely the release of pensionary dues ¡ it is the vindication of justice, the restoration of dignity, and the triumph of constitutional values.
Behind this historic victory lies one of the most determined, relentless and inspiring struggles ever waged by SNPWA. From the very day this shocking injustice surfaced, our beloved General Secretary, Com. Jogi, refused to remain a silent spectator. His heart has always beaten for the deprived, the neglected and the voiceless. Whenever injustice strikes the weak, especially those belonging to the most marginalized sections of society, he considers it not just an organisational issue but a personal mission.
Thus began an extraordinary battle. He knocked on every door that mattered. He pursued the matter relentlessly with the BSNL Management , including the Maharashtra Circle administration. When those efforts met with resistance, he fought before the CGCA and the CCA, Maharashtra . When even these avenues failed because of rigid and negative interpretations, he carried the battle to the Department of Telecommunications itself, where fresh hurdles and untenable theories sought to perpetuate the injustice.
Many would have accepted defeat. Com. Jogi never did. His indomitable spirit refused to surrender before bureaucracy or adversity. He took the battle further to the Department of Pension & Pensioners' Welfare, the Ministry of Tribal Affairs, and the National Commission for Scheduled Tribes . Every authority was approached with facts, conviction and moral courage. Every setback only strengthened his resolve.For nearly five years, he fought this battle with remarkable patience, unwavering faith and extraordinary perseverance, sustained by one firm belief, that justice may be delayed, but it must never be denied .
Then came the long-awaited turning point.With the appointment of Shri Amit Agarwal , Secretary, Department of Telecommunications, and Shri Manish Lodha, Senior DDG (Establishment), a new chapter began. They approached the issue with fairness, sensitivity and an open mind. Having understood the grave injustice that had persisted for years, they acted with admirable promptness and courage. Their timely intervention broke the deadlock and paved the way for the swift restoration of the legitimate rights of all the affected ST retirees.
For this exemplary act of justice and humane administration, SNPWA records its profound gratitude and heartfelt appreciation to these distinguished officers.No tribute would be complete without acknowledging the magnificent contribution of _SNPWA Maharashtra Circle, led by Com. Gaykar and his dedicated team . They stood like a rock behind the struggle, never allowing the morale of the affected comrades to weaken. Their unity, perseverance and steadfast commitment greatly strengthened the mission of the CHQ.
Today, as 183 ST comrades and their families celebrate the receipt of their rightful retirement benefits, every member of SNPWA shares their joy with pride and emotion.
This victory belongs not only to those 183 comrades. It belongs to every pensioner who believes that truth ultimately prevails. It belongs to every member who believes that an organisation exists to protect the weakest among us. It belongs to every activist who refuses to compromise when justice is at stake.
Above all, this victory reminds us how fortunate we are to have a leader like Com. Jogi , a leader who never measures success by applause, but by the tears he is able to wipe away; a leader who never abandons a just cause however difficult the road may be; a leader who inspires confidence because he himself never loses hope.
This glorious achievement is yet another golden feather in the crown of SNPWA. It will forever remain a shining chapter in the history of our Association and a beacon of hope for every pensioner facing injustice. It proclaims to the world that when truth is pursued with courage, compassion and unwavering determination, no injustice is too mighty to be defeated.
Heartiest congratulations to all our beloved ST comrades of Maharashtra Circle.
Long Live SNPWA! Long Live Com.Jogi's Inspiring Leadership! Long Live Justice, Equality and Solidarity !
- CHQ President.