The central government plans to ambush the legacy of public institutions: Mamata Banerjee in the budget

KOLKATA: The chief minister of West Bengal, Mamata Banerjee, criticized on Saturday the proposal of the central government to sell a part of its shares in LIC, describing it as a plan to ambush the legacy of public institutions.

Finance Minister Nirmala Sitharaman said the insurance giant will be part of the government's divestment initiative.

The Center proposes to sell a portion of its participation in LIC through an initial public offering, he said, while revealing the Union Budget 2020-21.

I am surprised and horrified to see how the central government plans to ambush the heritage and legacy of public institutions. It is the end of the feeling of security. Is it also the end of an era? CM said in a tweet.

Established in 1956, LIC is owned by the central government and has the largest market share in the life insurance segment in the country.