Government set to sell 25 percent stakes of LIC.

LIC

As Prime Minister Modi is looking for resources to bridge the widening gap in the budget, authorities are now seeking cabinet’s approval to sell 25 percent of the nation’s largest life insurer, Life Insurance Corporation (LIC). To prepare the sale of the insurance body, the government plans to amend the act of the parliament under which the Life Insurance Corporation was set up. The sale of the insurance body will be conducted in phases and depending on the market conditions, the timing of the insurer’s initial public offer will be…

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Nirmala Sitharaman speaks about a special meeting to be held in July to discuss State compensation.

Nirmala Sitharaman

There is no denying the fact that these are uncertain times and the government is feeling the heat as the national economy takes a dramatic hit. To palliate the blow faced by the economy, Nirmala Sitharaman, Union Finance Minister said on Friday that there will be a meeting held next month. The agenda of this meeting is to mainly discuss the compensation to states.  Sitharaman said that the Goods and Services Tax (GST) council will discuss borrowing to compensate states and ideally who will pay it back.  The minister said,…

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