Union Budget 2021: Modi Government may announce stake-sale plans in LIC, IDBI Bank | Editorji
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Budget 2021: Govt may announce stake-sale plans in LIC, IDBI Bank

Jan 28, 2021 12:48 IST

The government may announce to sell a 10-15% stake in the country's biggest insurer Life Insurance Corporation or LIC in next week's union budget, as part of a privatisation push to improve public finances, government sources told Reuters.

The government had announced plans to sell its stake in LIC last year but it got delayed by legal and administrative hurdles, the report said.

The government also plans stake sales in IDBI Bank, Central Bank of India and Punjab & Sind Bank, as per the report.

Together, the plan is to raise up to ₹3 lakh crore in the next financial year, partly to set off the shortfall in the proceeds this year.

Economy