AGARTALA, Feb 2 (TIWN): Reacting on the Budget 2020, former Tripura Minister, former MP Jitendra Choudhury said that the country is on sale under the Modi Govt.

He referred BSNL, LIC, AIR India, Bharat Petroleum.

Nevertheless, members of the Insurance Corporation Employees Union, Machilipatnam Division, on Saturday took out a rally in protest against the Central government’s proposal to list Life Insurance Corporation (LIC) on the stock market.

Addressing the protesters, joint secretary Chilakalapudi Kaladhar and vice-president M.N.K. Prasad said that LIC was started in 1956 with a seed capital of ₹5 crore, without any financial assistance from the Central government.

The statement came after Finance Minister Nirmala Sitharaman proposed to sell a part of Government stake in insurance behemoth, Life Insurance Corporation of India. The proposed stake sale will happen through an Initial Public Offer (IPO).

LIC, fully owned by the Indian government, is typically a big investor in share sales, including IPOs of state-run companies.