Budget 2020: Finance Minister's large announcement about LIC, Government will promote its main share

by Jeremy Spirogis
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new Delhi. While presenting the primary finances of the second time period of the Modi authorities, Finance Minister Nirmala Sitharaman has made a giant announcement about LIC. The finance minister says that the federal government will promote its stake in LIC. Initial public providing (IPO) will probably be introduced for this. The Finance Minister mentioned, the federal government proposes to promote a part of its share capital in LIC by IPO.

The authorities will elevate cash by promoting its stake in LIC. After this announcement by the Finance Minister, the opposition has began an uproar. Along with this, the federal government will even promote stake in IDBI Bank. LIC's IPO will probably be issued. There isn’t any particular details about how a lot authorities will promote in LIC, however opposition MPs opposed it within the House itself. <! –

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Significantly, the federal government has not too long ago introduced to promote 100 per cent stake in Air India. Bid for Air India might be submitted by 17 March. Apart from this, the disinvestment of Bharat Petroleum Corporation Limited (BPCL) and Container Corporation of India (CONCOR) has already been introduced.

The authorities has set a goal of elevating Rs 1.05 lakh crore by means of disinvestment in 2019-20. However, until September it has been capable of elevate solely Rs 12,359 crore. The authorities has already crossed the fiscal deficit degree.

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