Question

With enactment of LIC Act-1956, an autonomous body, Life Insurance Corporation of India was formed. The act defines its powers, duties and functions. It has a separate legal activity. It is fully owned by government. It has independent financial policy and can raise funds by borrowing from public and government. However it is not subject to any budgetary accounting or audit control like Railway. It’s annual report is presented in parliament every year. a. Name the type of public sector enterprise referred in the above case. b. Explain any four feature of such public sector enterprise.

Answer 1

Answer:

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