Modi govt 'sacrificing' public money by investing in 'risky' PSUs: Cong

The Congress on Wednesday accused the Modi 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 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.

"The LIC, a public sector unit that makes investments in the stock market, has invested 10.7 lakh crore in such risky PSUs in the last five years alone, while the total investment made from 1956 till 2014 in such risky undertakings was only Rs 11.94 lakh crore," he said.

"The Modi government is sacrificing public money by investing in loss-making public sector units.It is using the LIC as an instrument to meet its ends," the Congress leader said.

Maken claimed that the government used around Rs 30,000 crore of the LIC to bail out ...