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Priyanka trains LIC gun at Modi government

Congress leader says Centre using public money to invest in loss-making companies

By PTI in New Delhi
  • Published 20.09.19, 10:57 AM
  • Updated 20.09.19, 10:57 AM
  • a min read
  •  
Priyanka Gandhi Vadra (PTI file photo)

Congress leader Priyanka Gandhi Vadra on Friday alleged that the Narendra Modi government was “shattering” people’s trust in the Life Insurance Corporation (LIC) of India by investing the state-run insurance firm’s money in loss-making companies.

Taking to Twitter, she also tagged a media report which claimed that LIC had suffered losses of Rs 57,000 crore in just two and a half months.

“LIC is another name for trust in India. Common people invest their hard earned money in LIC for future security, but the BJP government is investing LIC money in loss-making companies, shattering their trust,” Priyanka Gandhi said in a tweet in Hindi.

“What kind of a policy is this that has become only a loss-making policy?” she asked.

The Congress on Wednesday had accused the government of “sacrificing” public money by investing in loss-making public sector units and said it was using the LIC as an instrument to meet its ends.

Senior Congress spokesperson Ajay Maken had cited an RBI report and claimed that LIC had doubled its investment in “risky” public-sector undertakings in the past five years from Rs 11.94 lakh crore to Rs 22.64 lakh crore.