NGO: Should LIC invest in tobacco cos?
TIMES NEWS NETWORK
Mumbai: Should governmentrun companies invest in tobacco firms? This is the question that Voices of Tobacco Victims (VoTV), an NGO working for cancer patients, has raised after its recent query under the RTI Act revealed that the Life Insurance Corporation of
"It's the greatest irony that the government spends Rs 10,000 crore on treatment of tobacco-related illnesses while investing Rs 3,500 crore in the industry causing it,'' said Dr Pankaj Chaturvedi, a senior cancer surgeon with Tata Memorial Hospital who is associated with VoTV.
On Thursday, VoTV circulated copies of the RTI reply from LIC dated July 15. LIC has mentioned it has equity shares in tobacco major ITC worth Rs 3,561 crore, debentures worth Rs 50 crore in Dharampal Satyapal Ltd and equity shares in VST worth Rs 15.65 lakh.
VoTV wants the government to take an anti-tobacco stance especially since it was among the first to ratify the global anti-tobacco framework. The framework was worked out by the UN after it was medically established that tobacco products are harmful and could cause cancer.
"Considering that over eight lakh Indians die every year due to tobacco-related diseases, the government should keep away from such investments,'' said Dr Chaturvedi, adding that the Norwegian government had taken such a stance.
LIC's Vipin Anand felt that the issue was being blown out of proportion. "ITC Ltd can no longer be considered a tobacco company," he contended.
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