The Life Insurance Corporation of India (LIC) which gives a confidence to its customers now stands helpless. It had lost Rs. 50,000 crore in the last 50 days after having invested in the companies belonging to businessman Adani.
The Opposition party leaders allege that Mr Modi was behind the scene who forced the LIC to invest in Adani companies. After the Hindenburg report came out, the LIC lost Rs. 19,034 crore in Adani Total Gas, Rs. 11,906 crore in Adani enterprises, Rs. 7,493 crore in Adani Transmission, Rs. 5,217 crore in Adani Sports, and other companies – all put together amounted to Rs. 49,728 crore.
Mr Adani who ranked the third richest person in the world fell down to 29th position and his business empire lost Rs. 12.05 lakh crore in one month.
The cunning politics being practiced by the BJP led to the dilution of public sector units. The party is helping the private corporate companies with some hidden agenda such as securing funds for election time among others.
The only trust and largest insurance company LIC had to suffer on account of Mr Modi’s lopsided policies and decisions which is very unfortunate. The weakening of public sector units not only damages the country’s economy but will have a lot of bearing on the people and lakhs of employees.
By Gollapudi Srinivasa Rao