2920 1 Cautious approach: The Finance Ministerâs statements indicate that there is no rush to privatise the public sector and the government prefers a nuanced view. PTI Parsa Venkateshwar Rao Jr Senior Journalist Finance Minister Nirmala Sitharaman, in her reply to the insurance amendment Bill in Lok Sabha on March 22, explained that there were far more private players in the insurance sector and raising the limits of foreign investment from 49 to 74 per cent was meant to help these players. She said that the IPO (initial public offering) of Life Insurance Corporation (LIC) was meant for the Indian public to buy shares in it.