LIC IPO: There is good news for investors waiting for the IPO of LIC, the government insurance company Life Insurance Corporation. The government will bring an IPO of LIC after the next fiscal year i.e. March. Finance Minister Nirmala Sitharaman has announced this in her budget speech. He said that to sell stake in LIC, the government needs to make some changes in the law. At the same time, the government has set a target of raising 1.75 lakh crore from disinvestment in the next fiscal year.
Finance Minister Nirmala Sitharaman said that to sell the stake in LIC, the government needs to make some changes in the law. Necessary amendments will be proposed in the budget session itself. He also said that the government is going to reduce its stake in two public sector banks this year. Let us know that LIC’s IPO was to come last year, but due to some reasons it was delayed. It is believed that the IPO of LIC has been delayed due to Corona virus epidemic. The government will reduce its 25 per cent stake in LIC.
Target to raise Rs 1.75 lakh crore from disinvestment
Finance Minister Nirmala Sitharaman has set a target of raising Rs 1.75 lakh crore from disinvestment in the financial year 2021-22. He said that the government will raise this amount in the next financial year by selling its stake in 2 public sector banks and 1 insurance company. Disclosing the policy of privatization of Public Sector Enterprises (PSEs), the Finance Minister said that the government will sell its stake in all PSUs except 4 strategic sectors.
Disinvestment of BPCL only next fiscal
Finance Minister said that the process of disinvestment in companies like BPCL, Air India, IDBI, will be completed in 2021-22. The NITI Aayog has been asked to make a list of PSUs in which the government will sell its stake. Explain that the central government had set a target of raising Rs 2.10 lakh crore in the year 2020-21 through disinvestment, but the government is far behind the target.