Government To Sell Part Of Its stake in LIC Via IPO: Union Budget 2020-21

NEW DELHI: Govt. proposes to sell part of its holding in Life Insurance Corporation (LIC) by way of Initial Public Offering announced Finance Minister Nirmala Sitharam on February 1, Saturday while presenting Union Budget for 2020-2021 at the Parliament.

Sitharam did not elaborate much on the proposal.

She also proposed that the government will sell its stake in IDBI Bank to private investors.

The central government aims to garner Rs 2.1 lakh crore through divestments in 2020-21, according to reports.

While tabling the budget, Sitharam remembered late Finance Minister Arun Jaitley.

Sitharam thanked and credited the late minister for a successful rollout of the GST and said, “At the time of rollout of the GST, he had said: ‘It will be an India where the Centre and states will work together towards to common goal of shared prosperity.

The unanimity of the constitutional amendment and the consensus of the GST Council highlights that India can rise above narrow politics for the nation’s interest. With the GST, neither the state nor the Centre loses its sovereignty.'”

GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted MSME Consumers have got an annual benefit of 1 lakh crore rupees by GST, she said.

This year’s budget is woven around three themes which are — Aspirational India, Economic Development for All and Ours shall be a caring society.

There were some important announcements for the northeast in this budget.

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