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Modi govt's disinvestment targets make LIC's health, wealth deteriorate -Prudhviraj Rupawat

-Newsclick.in

LIC’s bad loans bulged by 145% in the last five years to Rs 30,000 crore in September 2019.

Life Insurance Corporation of India (LIC) has been struggling with rising non-performing assets (NPAs) and downgraded investment portfolio of Rs 67,387 crore, reveals the insurer’s latest public disclosure figures. The biggest public insurer has been witnessing a deteriorating health since 2014, significantly due to massive investments in cash-strapped public and private entities pushed by Narendra Modi government, compounded by the economic crisis.

At the end of September quarter of 2019-2020 financial year, LIC has reported gross NPAs of Rs 30,000 crore. This is an increase of over Rs 5,000 crore or 21% in just a span of six months when the life insurer’s NPAs stood at Rs 24,777 crore as of March 31, 2019.

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