Congress alleges government is misusing LIC funds

The Congress party continued its tirade against the government on economic issues. In a fresh attack on the government, the party has alleged that the Modi government is misusing LIC funds.

Congress leader Ajay Maken said that government has used around ₹30,000 crore to bail out IDBI. Maken referred to a report from SBI and RBI.

Maken has alleged that in 2018, LIC increased its shares by 51 percent by infusing ₹21,000 crore in IDBI. He said that this month again the Union Cabinet approved infusion of ₹9,300 crore. Despite this IDBI posted a loss of Rs 3,800 crore in June this year.

He said that LIC has 28.84 crore investors and total assets are around ₹31.11 lakh crore.

Maken said that household liability has increased to ₹7.40 lakh crore which is a matter of concern. He said the economy has to be managed on both micro and macro level.

The reason behind this is that disposable income is reducing. The ratio of saving has decreased to 6 per cent, Maken said.

Congress is concerned with the state of the economy. The issue in the country is slowdown of economy and unemployment, he said.