Brushing aside a major shortfall in divestment target of Rs 12,000 crore (Rs 120 billion) during the current financial year, Government once again pegged higher revenue mobilisation target of Rs 13,200 crore (Rs 132 billion) for 2003-04 on the hope that pace of sell-off would be accelerated.

"Divestment receipts, at Rs 3360 crore (Rs 33.6 billion) are lower than the budget estimate of Rs 12,000 crore (Rs 120 billion)," Finance Minister Jaswant Singh said while announcing the Union Budget 2003-2004. Despite this, Government has pegged the divestment target for the next financial year at Rs 13,200 crore (Rs 132 billion).

"I am confident that the pace of divestment will accelerate in the coming year. I wish to also state that details about the already announced Disinvestment Fund and Asset Management Company, to hold residual shares post divestment, shall be finalised early in 2003-04," Singh said.

Coming out strongly in support of the divestment programme, Singh said "Divestment is not merely for mobilising revenues for the Government, it is mainly for unlocking the productive potential of these undertakings and for reorienting the Government, away from business and towards business of Governance."

PTI