Divestment Minister Arun Shourie informed the Lok Sabha on Wednesday that during April 1991 and March 2003, Rs 29,487 crore (Rs 294.87 billion) have been realised as divestment proceeds, adding that the amount has been credited to the Consolidated Fund of India.

The annual provisions in the Budget for generating investment and employment, restructuring public sector enterprises and retiring public debt have exceeded the proceeds from divestment, he informed the Lower House during Question Hour.

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Government has decided to set up a Divestment Proceeds Fund for financing fresh employment opportunities and investment and for retirement of public debt, Shourie said.

Asked to comment on whether the government has received complaints from labour unions on the workings of the present management in CMC, Videsh Sanchar Nigam Ltd, IBP and IPCL, Shourie said complaints have been received from some labour unions against new managements of Balco, IPCL and VSNL.

"Unions have alleged that workers of Balco have been laid off/retrenched without a fair deal and that the voluntary retirement scheme is not being implemented according to the provisions of the Transaction Agreement. The government has set up a fact finding team to look into this issue," he said.