A Bill to change the PCA (1988) was introduced in the Rajya Sabha earlier this month.
FM says government policies aim to contain inflation, spur growth.
Work on disinvesting government holdings may gather pace after the first week of August. Administrative ministries of around 15 Public Sector Undertakings have been asked to give feedback on the feasibility of coming out with initial public offers by then.
Steel minister Virbhadra Singh informed Lok Sabha in a written statement that the proposed disinvestment would be carried out in two tranches of 10 per cent each and would be a mix of diluting government stake was well as issuance of additional shares by the company.
It would seem that the government can announce almost anything it wants, without exciting any opposition. That is a sea change.
Steel secretary Atul Chaturvedi said on Sunday about Rs 13,000 crore (Rs 130 billion) would be raised from NMDC's stake sale, while SAIL would fetch Rs 19,000 crore (Rs 190 billion). He was addressing the media on the sidelines of the 47th National Metallurgists' Day celebration of the Indian Institute of Metals.
Finance Minister Pranab Mukherjee on Tuesday sought to soothe industry's and stock market's nerves by saying that the government would not monetise the fiscal deficit. Spending a good part of his reply in the Lok Sabha on allaying fears over the seeming lack of reforms in his July 6 Budget, Mukherjee promised a roadmap for disinvestment in public sector undertakings and the financial sector.
Global rating agency Moody's on Tuesday expressed concern on India's high fiscal deficit projected at 6.8 per cent for 2009-10 and cautioned that the situation may become complicated in the absence of measures like clear road map for disinvestment and structural reforms.
Pranab Mukherjee touched upon the problems and the initiatives needed to spur Indian Economy, but there is hardly anything on table for the industry to cheer about.
India Inc believes that given the current economic slowdown, it could not have been any better
The listing of state-run BSNL and the expected realisation from the auction of 3G spectrum are likely to find mention in the budget proposal to be presented by Finance Minister Pranab Mukherjee.
An aggressive disinvestment agenda and the auction of spectrum for third-generation mobile telephony allowed the government to project non-tax revenue of Rs 148,118 crore (Rs 1481.18 billion) in 2010-11, an increase of Rs 35, 927 crore (Rs 359.27 billion) or over 30 per cent from the revised estimate of Rs 112,191 crore (Rs 1121.91 billion) in 2009-10.
The OECD, in March, projected 4.3 per cent economic expansion for India in 2009. The report further said the extent of the deterioration in the fiscal position prior to the slowdown has reduced the scope for 'discretionary fiscal policy action'.
Last week, the government had introduced a fresh round of austerity measures, including bans on first class travel, creation of new posts and holding meetings in five-star facilities.
The BSNL board had last year approved a plan under which the government would divest 10 per cent of its shares to the public. But opposition from the unions backed by the Left parties -- which supported the United Progressive Alliance in the last Parliament -- had stalled the process. That opposition has abated, now that the Left is no longer a factor in the current ruling alliance.
As many as 56 firms collectively mopped up Rs 17,283 crores through IPOs during the April-September period of 2016-17.
6 locations in New Delhi and 2 in Mumbai were raided.
The government on Thursday said it has no proposal to dilute its stake in the State Bank of India through either direct disinvestment or issuing of fresh capital in the market.
The government on Friday said it is expecting to raise about Rs 8,100 crore (Rs 81 billion) from the five per cent stake sale in power PSU NTPC through a Follow-on Public Offer (FPO).
The domestic deal-making activities were hit by weak corporate governance and a huge liquidity crunch in 2019, while the global deals were also hard to come by due to various factors including uncertainties caused by the US-China trade war, which left many investors in a wait-and-watch mode.
Despite the Congress having nearly four times as many members in the Rajya Sabha as the TMC (48 to 13), Derek O'Brien has been informally leading the coordination of Opposition parties, rallying other parties to demand a discussion on electoral reforms and to protest the government's disinvestment plans, report Rahul Jacob and Archis Mohan.
The 20 per cent FPO will be a combination of five per cent dilution of government's equity and five per cent issue of additional shares in each phase, a senior steel ministry official told PTI.
This amount will include Rs 13,100 crore that Economic Affairs Secretary Subhash Garg has been publicly seeking from the central bank's contingency reserve fund since 2017-18 (FY18).
The policy action plan being prepared for the new government does not see the immediate need for a fresh fiscal stimulus package, but recommends a new oil pricing formula and disinvestment of government equity in public sector undertakings in small doses.
The prospect of a revival of the disinvestment agenda has prompted bureaucrats in the power ministry to revive plans for utilities to raise money from the markets, so that the government gains the opportunity to sell its shares.
As it wants to put a sizeable number of shares in the market and also offer them to employees and farmers displaced by its mines.
"Second quarter will be worse (than 6.1 per cent growth in Q1) and may be Q3 also," Planning Commission Deputy Chairman Montek Singh Ahluwalia said today after the full plan panel meeting. However, he said the economic growth will rebound in the fourth quarter to enable the economy to clock 6.3 per cent for the entire fiscal.
In the last five years, the GDP growth rate was eight per cent. It was 6.7 per cent in 2008-09. Referring to the Foreign Trade Policy, announced on Thursday, the finance minister said India's major importers--US and EU--are facing problems, because of which Indian exports could be hit.
Soon after the trust vote in Parliament on July 22, the finance ministry hopes to push through a series of non-legislative reforms, chief among them disinvestment of minority stakes in around 10 central public sector undertakings by listing them on the stock market.
The PM said that the Union Budget will accelerate the economic growth, financially empower every citizen and strengthen the foundation of the economy in the new decade.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
Cities are managing to get more water while the majority of people live in villages - the tension is escalating.
OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners.
OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners.
In a resolution passed at its national assembly in Haridwar, the SJM said the Modi government's proposed strategic divestment of PSEs was an "imprudent business decision" and "against national interest".
Indian Railways and the National Highways Authority of India alone would account for over 90 per cent of the total equity investment by the Centre. The government would pump in Rs 14,600 crore in the Railways to part-finance the Plan investment of Rs 39,545 crore. More than half of the investment of Rs 13,646 crore for NHAI would also come from the government equity at Rs 8,578 crore.
The list of end use includes investments in the industrial sector, foreign direct investment in joint ventures or 100 per cent subsidiaries, first-stage acquisition of shares in disinvestment and open offers as well as micro-lending to self-help groups by NGOs.
Criticising the saffron party for "undermining democratic values" in the country, the chief minister said, "Democracy exists in Bengal but it is under threat in several other parts of the country."
'Suspect all, fix all.' 'It is this mindset that begins at the very top of an establishment and then trickles down and across,' notes Shekhar Gupta.
A look into the challenges of selling loss-making public units.
