The interest of LIC policyholders will be protected, says Anurag Thakur

NEW DELHI: The government will protect the interests of LIC policyholders, which will likely be made public in the next financial year, said Finance Minister Anurag Thakur.

The list of SCIs will help generate greater transparency, public participation and also deepen the stock market, he said.

The government came up with the idea (list of SCIs). The details will follow and will be of interest to LIC and its insured. The interest of LIC and the insured will be safeguarded, he told PTI in an interview.

When asked about the quantum sale of shares, he said, once the amendment to the LIC Act is finalized, he will get all the details.

LIC has an independent configuration to decide where they want to invest even today and what will continue in the next format that will also come to light in the future, he said.

Finance Minister Nirmala Sitharaman, while presenting the 2020-21 Budget on Saturday, proposed selling a portion of the government's stake in LIC through an initial public offering next fiscal year.

The government aims to obtain Rs 90,000 million from the list of SCIs and the dilution of participation in the IDBI Bank in the next fiscal year outside the objective of total divestment of Rs1010 lakh crore.

Currently, the government owns 100 percent in LIC, while it has a stake of around 46.5 percent in IDBI Bank.

Thakur said the figures presented in the Budget are realistic and said that several measures announced in the Budget will help boost the economy and reach the target of nominal GDP growth of 10 percent set in the Budget.

Only three four months ago, the government announced a reduction in the corporate tax rate. It takes some time to implement that at the grassroots level. Then, you will see the impact of that at some point. That is why we have not said 7.5 percent, we have said 6.5 percent (growth). And that is a real and genuine number that we are seeing, he said.

In addition, he said, the objective of income and expenses for the next fiscal year is very feasible.

The Budget has set total revenues at Rs 22.46 lakh crore and expenses at Rs 30.42 lakh crore 2020-21 taking into account the government's commitment to various schemes and the need to improve people's quality of life.

Thakur said that this year's budget is Jan Jan Ka's budget and that all strata of society have been taken into account and important reforms have been carried out for the benefit of young people, women, farmers, investors and the middle class.

The government has provided Rs 2.83 lakh crore for agriculture, farmer welfare and rural development.

Double the income of farmers is an agenda for the next two years. We have already fulfilled the once and a half commitment to the cost of production of the farmers that the government had promised, he said.

With the announcement of the launch of 'Kisan Rail' and 'Krishi Udaan' by Indian Railways and the civil aviation ministry, respectively, for a national cold supply chain without interruptions for perishable products, this will also be beneficial, since It will help farmers facilitate and fast transport of perishable products, he said.

In addition, the government has increased the objective of agricultural credit to Rs 15 lakh crore for the next fiscal year.

Thakur said, from startups to education, internships and learning many announcements have been made ... So, I think more young entrepreneurs, more startups we will see ... We see India moving to the three main startup countries in the world in the coming years.

Regarding helping the MSME sector, he said, the government has asked the RBI to consider extending the debt restructuring window for another year until March 31, 2021.

More than five MIPYMES lakhs have benefited from the debt restructuring allowed by the Reserve Bank of India in the past year, he said.