Finance Minister Nirmala Sitharaman on Saturday, 1 February announced that insurance behemoth Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

She further said that the listing brings in more financial discipline among the entities.

The government proposes to sell a part of its holding in LIC through initial public offer, she said while unveiling Budget 2020-21.Currently, the government owns the entire 100 percent stake in Life Insurance Corporation of India (LIC).

The decision was met with widespread criticism, with several people pointing out that LIC is the lifeline of the middle class as well as one of the few profit-making Public Sector Undertakings.