In spite of the depressed stock markets, the Budget documents show that the government has lined up a fair number of public sector undertakings for divesting small stakes during the next fiscal.

These are Rail India Technical & Economic Services (Rites), Cochin Ship Yard, Telecommunications Consultants India, Manganese Core India, Rashtriya Ispat Nigam and Satluj Jal Vidyut Nigam.

During the current financial year, the government received money from selling stakes in Rural Electrification Corporation and National Hydroelectric Power Corporation. In its revised estimates for 2008-09, the government has booked as revenue Rs 502.51 crore (Rs 5.02 billion) on account of bonus shares issued by GAIL (India) and National Mineral [Get Quote] Development Corporation.

With slowdown impacting companies across the board, the government has revised downward receipts from dividends and profits by 8 per cent for the current fiscal over the Budget estimate and expects it to decline 6.9 per cent in the next fiscal.

The revised estimate for dividends and profits is pegged at Rs 39,736 crore (Rs 397.36 billion) for the current fiscal as against the earlier estimate of Rs 43,204 crore (Rs 432.04 billion). The Budget estimate is Rs 36,985 crore (Rs 369.85 billion) for the next financial year.

Dividends and profits from state-owned entities include the money received from public sector enterprise as well as cash surplus of the central bank that is transferred to the government.

Receipts from dividends from public sector enterprises and other government investments were lowered 12.59 per cent at Rs 21,640 crore (Rs 216.40 billion) for the current fiscal and is pegged to decline 10.6 per cent at Rs 19,340 crore (Rs 193.40 billion) for the next fiscal.

Dividends and surplus of the Reserve Bank of India [Get Quote], nationalised banks and financial institutions were revised downward marginally to Rs 18,095 crore (Rs 180. 95 billion) for the current fiscal. Receipts under this head are expected to dip 2.4 per cent at Rs 17,645 crore (Rs 176.45 billion) in  the next fiscal.

The estimate for capital expenditure by public enterprises has been revised downward to Rs 1,83,949 crore (Rs 1839.49 billion) for the current fiscal as against the Budget estimate of Rs 1,95,531 crore (Rs 1955.31 billion). However, it has been pegged at Rs 2,07,241 crore (Rs 2072.41 billion) for the next fiscal.

Plan investment (equity and loans) in public enterprises has been revised downward slightly to Rs 2,07,502 crore (Rs 2075.02 billion) for the current fiscal, compared with the Budget estimate of Rs 2,14,970 crore (Rs 2149.70 billion). The estimate for the next fiscal is Rs 2,29,421 crore (Rs 2294.21 billion).

Public enterprises will spend Rs 1,83,949 crore (Rs 1839.49 billion) in the current fiscal from their own resources and the figure has been projected at Rs 2,07,241 crore (Rs 2072.41 billion) in the next fiscal. Non-Plan grant and loans to public enterprises were set at Rs 774 crore (Rs 7.74 billion) for the current fiscal and at Rs 635 crore (Rs 6.35 billion) for the next fiscal.