Senior Congress leader P Chidambaram said that the Congress could oppose the move if the central government could not assure a logical explanation of the proposal to list Life Insurance Corporation of India (LIC). Chidambaram said that LIC is a profitable company in spite of stiff competition from the world’s largest insurance companies and had made its first premium last year. The growth of about five per cent. Presenting the Budget for 2020-21, Finance Minister Nirmala Sitharaman on Saturday proposed to sell a part of the government stake in LIC through an initial public offering (IPO) in the next financial year. Former Finance Minister Chidambaram said during the question-answer after delivering a speech on the budget organized by the South India Chamber of Commerce and Industry here, “They have to give clarification before us …. (That) why do you want to list LIC today. Is it because you think that the management culture is bad? Is the work culture bad? Make us believe. “He said,” But if the government gives the reason that we have to raise money, therefore we want to disinvest, then we will oppose it. Give good reasons for why LIC should be listed.”
Congress may oppose LIC listing if centre govt fails to convince : Chidambaram
