Government has raised Rs 12,701 crore from stake sale in PSUs in this fiscal so far and has lined up state-run firms in sectors such as defence, oil and power for disinvestment to garner more capital, Finance Minister Arun Jaitley said.
Government will sell stake in some state-owned companies, especially those in metals business, only when market conditions improve, Finance Minister Arun Jaitley Monday said amid concerns that the Rs 69,500 crore disinvestment target for the current fiscal may be missed.
The Cabinet Wednesday approved 10 percent stake sale in Coal India and initial public offer of Cochin Shipyard amid growing concerns over meeting Rs 69,500 crore disinvestment target in the current fiscal.
Government has again extended the date by another three weeks for submission of bids by merchant bankers interested in managing the Coal India's (CIL) 10 percent stake sale, which may fetch around Rs 19,600 crore.
Confident of meeting the "ambitious" disinvestment target of Rs 69,000 crore this fiscal, Finance Minister Arun Jaitley on Monday said the government has moved fast so far and all routes are open on this front, including strategic sale of hotels.
Sluggish direct tax collection, likely shortfall in disinvestment proceeds and OROP scheme pay out will add to the government's fiscal burden but it will "adhere to" fiscal deficit target by reducing expenditure, says a Standard Chartered report.
Normal working at banks was affected on Wednesday due to a nationwide strike called by 10 central trade unions, although the staff of SBI, IOB, ICICI Bank, HDFC Bank and Axis Bank stayed away from the agitation.
Government has extended the date by three more weeks for submission of bids by merchant bankers interested in managing the 10 percent stake sale in Coal India (CIL), which is likely to fetch about Rs 22,450 crore.
Looking to garner Rs 9,300 crore from Indian Oil share sale Monday, the government expects its disinvestment kitty so far this fiscal to swell to Rs 12,600 crore -- making it the best 'first-half' in 7 years.
The Centre reportedly mulling disinvestment in the state-owned Coal India has triggered protest demonstrations by Left-backed CITU, even as the Congress-backed INTUC is yet to take a call on the matter.