Now the insurance sector will also be privatized on a large scale, in the name of the Modi government having only four companies

New delhi date. Wednesday 29 July 2020

After railways and banking, it was learned that the central government was now moving towards large-scale privatization of the insurance sector. Under the policy, only four large companies in the insurance sector were preparing to move. Currently, seven companies, including LIC, are working in the field.

The Center plans to include railways, oil and gas, defense, space and nuclear energy in the strategic sphere, an English business daily said. At present, the central government is focusing on privatization of railways. In addition to private trains, preparations were underway to hand over the management of railway stations to private companies.

Similarly, there was a move to privatize the energy sector. Bharat Petroleum Corporation, the country's second largest company, is currently in the process of selling more than 52 per cent stake. In the banking sector, when was that process going on? After merging small banks, the Modi government is now in the mood to sell its stake in state-owned banks. Earlier it was announced that the government had the idea of ​​having only four or five banks in the country. But on Monday, Finance Minister Nirmala Sitharaman said the process of selling stakes in 23 state-owned companies was underway.

In fact, after railways and banking, the government now plans to privatize the insurance sector on a large scale. Consideration was being given to how to implement it. It was credibly learned that the government was in the process of applying the strategic field tag to some other sectors.