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Centre’s Disinvestment Revenue May Cross Rs 1 Lakh Crore Mark Against Budget Target Of Rs 72,500 Crore
Prime Minister Narendra Modi, talking with Union Finance Minister Arun Jaitley (Sonu Mehta/Hindustan Times via Getty Images)
Government’s disinvestment effort will bring in more than what it had set as its target for this year, the Financial Times has reported. According to the daily, Centre’s disinvestment revenue, in all probability, will cross the Rs 1 lakh crore mark this year, against the Budget target of Rs 72,500 crore.
The extra revenue generated form disinvestment will make up a large part of about Rs 27,341-crore shortfall in Reserve Bank of India dividend, lower than expected telecom spectrum gains and excise duty cut on imported crude oil.
The Department of Investment and Public Asset Management (DIPAM) has so far mopped up about Rs 52,500 crore in disinvestment receipts. This includes Rs 14,500 crore generated through Bharat 22 Electronic Traded Fund, Rs 9,704 crore from the General Insurance Corp of India initial public offer (IPO), Rs 9,118 crore from National Thermal Power Corporation offer for sale, Rs 7,653 crore from New India Assurance IPO and Rs 4,153 crore from strategic sales from its stake in the Specified Undertaking of the Unit Trust of India.
Government is in the process of generating extra disinvestment revenue from other sources. This includes government’s estimated proceeds of over Rs 32,000 crore from the proposed sale of the government’s entire equity stake in oil refiner Hindustan Petroleum Corporation Limited to state-run explorer Oil and Gas Corporation. All these deals are on track, DIPAM secretary Neeraj Gupta has said.
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