The sluggish market situation notwithstanding, Finance Minister P Chidambaram on Thursday clarified to ministry officials he wouldn't accept any slippage in the government's Budget divestment target of Rs 30,000 crore (Rs 300 billion) for this financial year.
The Department of Disinvestment proposes to begin the stake sale process in September.
The government had proposed to raise Rs 30,000 crore from divestment in the current fiscal.
Disinvestment Secretary Mohammad Haleem Khan told Business Standard that till now, public sector companies were only allowed to invest in mutual funds, apart from putting money in bank fixed deposits, but the Cabinet had now approved the proposal to allow these companies to buy equities of other CPSEs.
Divestment Ministry on Friday said it has received in-principle clearance from Petroleum Ministry and is going ahead with the sale of government equity in Oil India Ltd (OIL).
The courts in Pakistan have been flooded with petitions as candidates, mostly backed by jailed former prime minister Imran Khan's Pakistan Tehreek-e-Insaf (PTI), challenged the results of Thursday's general elections, alleging rigging.
Major mosques and idghas, which see tens of thousands of people offering namaz on Eid and then embracing each other, remained mostly empty perhaps for the first time on the festival as the government has prohibited all kinds of religious gatherings to prevent the spread of the coronavirus.
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