Vijaya Sai opposes sale of stake in LIC

‘Such actions will hurt the interests of the country’

The Centre’s proposal to sell its stake in the Life Insurance Corporation (LIC) of India will turn out to be a historic mistake, YSR Congress Party Parliamentary Party leader V. Vijaya Sai Reddy has said.

Participating in the discussion on the annual Budget in the Rajya Sabha on Tuesday, Mr. Vijaya Sai Reddy said the consequences of disinvesting in the public sector to raise funds would not be good for the country in any way.

Expressing support to the Budget, the MP said that the Union government should go increase revenues without increasing taxes.

The proposal to disinvest in LIC that has been serving the people of the country for decades was a historic mistake, Mr. Reddy said.

In a special mention notice, Mr. Vijaya Sai Reddy sought increase in pension being paid to retired bank employees.

Pension was paid out of the pension fund to which the employees contributed while they were in service.

The pension fund was created after an agreement between employees unions and associations.

Though there had been an huge increase in inflation, the pension had not been revised, the MP said.

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