LIC employees' union up in arms against IPO plan
Mumbai: Employees' union of LIC has strongly opposed the government's plan to sell a part of its holding in the country's largest financial institution through a public issue.
"The government proposes to sell a part of its holding in LIC through an initial public offer," Finance Minister Nirmala Sitharaman said on Saturday while presenting the Budget for 2020-21.
Currently, the government fully owns LIC.
"LIC has always been the last resort for funding for other public sector entities. We strongly oppose the government's proposal to sell a portion of its holding in LIC," All-India Life Insurance Employees Federation General Secretary Rajesh Nimbalkar told PTI.
Further, he said the government's move is against the interest of the public because growth of LIC is the sheer outcome of the dedication and faith of policyholders and its agents.
Any dilution of the government's stake in LIC would shake faith of the policyholders in the institution.
Nimbalkar said though the government has not revealed the amount of stake it plan to sell, going by the past experience it seems a majority stake would be sold, resulting into LIC losing its public sector status.
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Elections have slipped out of Modi's hands: Rahul Gandhi
New Delhi (PTI): Congress leader Rahul Gandhi on Thursday claimed the difference between his party's guarantees and 'Modi Ki Guarantee' is clear and added that Prime Minister Narendra Modi knows that the elections have "slipped out of his hands".
In a post in Hindi on X, Gandhi said the Congress guarantees a "government of Indians".
Listing some promises made by the Congress, Gandhi said women will get Rs 8,500 per month, youth will get a job that pays Rs 1 lakh per year, recruitment will be carried out for 30 lakh vacancies and legal MSP will be provided to farmers.
"Modi's guarantee: Adanis' government - The country's wealth in the pockets of billionaires; donation business extortion gang; Constitution and democracy are over; farmers facing a paucity of finances; the difference is clear!" the former Congress chief said.
"Congress will create crores of millionaires in India and Modi ji knows that the election has slipped out of his hands," he said.
Addressing a rally in Amravati, Gandhi on Wednesday had claimed that ten years of the Modi government saw only 22-25 persons becoming billionaires on the back of a Rs 16 lakh crore loan waiver, but if the INDIA bloc comes to power, it will make crores of people "lakhpatis".
Gandhi had also said no force in the world can change the Constitution of India. Congress leaders have accused the BJP of wanting to change the Constitution.
