New Delhi: West Bengal Chief Minister Mamata Banerjee on Saturday lashed out at the Centre over the Union Budget 2020 saying she is “appalled” at the government’s proposal to sell shares of public institutions and termed it the “end of the sense of security”.

Banerjee’s reaction comes after Finance Minister Nirmala Sitharaman earlier today announced that insurance behemoth LIC will be listed as part of Centre’s government disinvestment initiative.

“I am shocked & appalled to see how the Central Government plans to ambush the heritage & legacy of public institutions. It’s the end of a sense of security. Is it also the end of an era?” the Chief Minister tweeted, hours after Sitharaman concluded her longest budget speech in the Parliament.

However, Banerjee was not the only person disheartened by the budget presentation. Senior Congress leader P Chidambaram slammed the central government for creating nothing on the job front in the new budget for 2020 and said the budget has nothing new for job creation in the country.

“The Central government does not believe in reforms, the Finance Minister has rejected every idea in Economic Survey,” he said.

Notably, the Centre has proposed to sell a part of its holding in the insurance giant, among several other PSUs like BSNL, Air India, and Indian Railways, through an initial public offer, she said while unveiling the budget.

The Life Insurance Company (LIC) is fully-owned by the Central government and has the highest market share in the life insurance segment in the country.