Govt investing LIC money in loss-making firms, shattering people's trust: Priyanka

Congress leader Priyanka Gandhi Vadra on Friday alleged that the Modi government was "shattering" people's trust in LIC 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 has 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 said.

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 the Life Insurance Corporation of India (LIC) has doubled its investment in "risky" public sector undertakings in the last five years from Rs 11.94 lakh crore to Rs 22.64 lakh crore.