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Proposing a huge tax relief, Sithraman announcement of selling stakes of Life Insurance Corporation (LIC) by initial public offer earned a lot of flak in the house. Announcing it she said, ": Government proposes to sell a part of its holding in LIC by an initial public offer."
LIC is part of the government disinvestment initiative. She went on to say that the listing brings in more financial discipline among the entities. At present, the government owns the entire 100 per cent stake in Life Insurance Corporation of India (LIC).
Also Read: Budget 2020: Income tax rates reduced to 10% from 20% for person earning between Rs 5-7.5 lakhs
As per a report, LIC in 2019 had lost more than Rs 20,000 crore in just 5 PSU stocks.
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