Salem: Lorry owners have withdrawn their strike on Saturday after staying off the road for ten long days.
The positive move comes after the Insurance Regulatory and Development Authority (IRDA) agreed to reduce the third party premium following several rounds of talks with the lorry owner associations.
The lorry owners in Tamil Nadu, Kerala, Andhra, Telangana, Karnataka and Puducherry went on a strike against raise in insurance premium and increase of vat on fuel, besides seeking to relax norms in fixing speed controllers in old vehicles and various other issues.
As the talks in Hyderabad turned fruitful, with IRDA promising to reduce the third party premium from 40 per cent to 27 per cent, the South Indian Lorry Owners Association agreed withdrew the strike.
Due to strike, the lorry owners in all the six states incurred a loss of Rs 10,000 crore, while the central and state governments suffered a revenue loss of '30,000 crore.
