Mumbai: Finance Minister Nirmala Sitharaman on Friday said the IPO of the state insurer LIC will bring retail investors into the picture and also assured that the government will come up with steps to simplify the tax regimes. “We are looking at an IPO for LIC which will bring retail investors in the picture”, she said.
The LIC listing is aimed at bringing the much-needed revenues to the government which is facing a shortfall due to poor tax collections.
“We are coming up with steps to simplify the tax regime. We have shown our intent to move towards a simplified tax regime and corporate tax simplification and reduction is a move towards that. The taxpayer charter (as announced in the Budget) is based on trust that should be there between the taxation regime and taxpayers”, she said at a media conference on Budget 2020-21 after interactions with industry, academia and policymakers.
In Budget 2020, the government announced its decision to list LIC in next fiscal. In the Budget speech, Sitharaman, noting that the government has launched Rs 103 lakh crore of infra projects, announced providing about Rs 1.70 lakh crore for transport infrastructure and accelerating highways construction to augment India’s infrastructure and create jobs. She said the focus is on infrastructure for economic development and 6,500 projects across sectors under the National Infrastructure Pipeline (NIP) envisions ease of living for citizens. (IANS)