LIC’s IPO will give Rs 1 lakh crore to central government

LIC's IPO will give Rs 1 lakh crore to central government

New Delhi: In the general budget presented for the financial year 2021-22, Finance Minister Nirmala Sitharaman set a target of raising Rs 1.75 lakh crore through disinvestment. Chief Economic Advisor KV Subramanian said the disinvestment target of Rs 1.75 lakh crore for FY21-22 is achievable. Subramaniam said that the central government is expected to get Rs 1 lakh crore from the IPO of LIC alone.

The Chief Economic Advisor said that to achieve the target of disinvestment of Rs 1.75 lakh crore, the government will also get a large amount from the privatization of Bharat Petroleum Corporation Limited along with the IPO of LIC. This will make it easier to achieve this goal. The government hopes that it can get 75,000 to 80,000 crore rupees from the privatization of BPCL.

Let us tell you that the Central Government is going to sell its remaining 52.98% stake in BPCL. The Chief Economic Advisor said that the government has started work on several disinvestment plans. Disinvestment target is achievable. Referring to PM Modi’s statement on privatization, KV Subramaniam said that the government’s job is not to do business. Subramaniam said that India needs more banks to meet its growth potential.

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