The Life Insurance Corporation of India (LIC) the most trusted public sector unit has suffered a loss of Rs 48,658 crore in one month.
The lopsided policies of Mr Modi and his patronisation of businessman Mr Adani forced the LIC to buy shares in his company which resulted in an enormous loss. It broke the heart of all policyholders of LIC.
The value of LIC shares was Rs 81,268 crore in January which is now Rs 32,610 crore. In total, the LIC was forced to put money into seven companies of Mr Adani, and in one month, Rs 48,658 crore were lost.
The investment in ACC Ambuza that Rs 2,811 crore on January 24 came down to Rs mere 730 crore now. Since last December, the LIC investments in Adani group were Rs 35,917 crore.
The issue is being raked up in Parliament by some members and Opposition leaders allege that Modi government influenced the LIC to invest in Adani companies.
As the Telangana chief minister K Chandrasekhar Rao rightly remarked the Modi government policy is `socialisation of loss and privatisation of profits’ and this LIC episode amply vouches for the fact.
By Gollapudi Srinivasa Rao