The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
The divestment process, however, will not be an easy affair as there are multiple stakeholders, including the employee unions, whose concerns will have to be addressed.
An overcast sky and low visibility at places on Wednesday did not come in the way of air rescue operations in rain-hit Uttarakhand, even though a thin veil of early morning fog briefly delayed flight of choppers from Sahasradhara helipad and Jollygrant airport.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
A large Dhruv order could significantly boost Indian defence exports. These have grown from Rs 1,940 crore in 2014-2015 to Rs 10,745 crore in 2018-2019.
As Kashmir valley remains under flood water, Air India has decided to ferry free of cost tourists trapped in Srinagar while Gujarat and Bihar governments are sending 75,000 food and dry food packets for affected people.
Ahead of two crucial audits, the Ministry of Civil Aviation (MoCA) has proposed to allow deputy director generals (DGs) and officers of Indian Air Force (IAF) to apply for the post of chief of India's aviation regulator. The current head of the Directorate General of Civil Aviation (DGCA), Arun Kumar, has been promoted as secretary and is expected to move out some time soon. DGCA has four Deputy DGs with experience in different fields of aviation.
Veteran santoor player and music composer Pt Shiv Kumar Sharma died in Mumbai on Tuesday morning following a heart attack, family sources said. He was 84.
The government sought exemption of women drivers from the scheme, saying it may affect the safety and security of women.
In a bid to resurrect Air India privatisation, the government is planning to give flexibility to potential investors to decide on the humongous debt with the national carrier, a top official has said. The flexibility to potential investors on the quantum of the Rs 60,074 crore debt that they want to absorb will replace the current condition of the buyer taking over more than a third of the debt and transferring the rest to a special purpose vehicle, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said.
The bus, which way on its way to Kishtwar from Keshwan, skidded off the road at Sirgwari and rolled down into the gorge around 7:30 am.
Given Narendra Modi's trust in him, Praful Khoda Patel is unlikely to back down in Lakshadweep.
Processes are at an advanced stage for a number of assets of the Centre and central public sector enterprises (CPSEs) to be monetised. The assets include office space, apartments, factories, land, power transmission assets, sports stadia, gas pipelines, and telecom assets.
This will encompass the sale of Air India, a number of other privatisation initiatives, mergers, initial public offerings, the Centre's two exchange-traded funds, buybacks and offers-for-sale, and even monetisation of land assets.
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
Out of nearly 30 public sector undertakings and assets under 'strategic sale' plan, only the ONGC-HPCL plan has been completed
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
A chunk of divestment till now has come from follow-on offerings in the Centre's two ETFs, Bharat-22 and CPSE. Now, there will be initial public offerings of Mazagon Docks, rail companies RVNL and IRFC and MSTC.
There is talk of a fresh approach to a new labour code as well as reforming land acquisition laws in such a way as to be politically.
The Kamov-226T indigenisation has been complicated by an unusually detailed Inter-Governmental Agreement.
India remained the world's fastest growing domestic aviation market with 51 straight months of doubled-digit traffic growth but the woes of passengers as well as carriers manifested in myriad forms.
The government has managed Rs 21,000 crore through stake sales and buybacks in the first six months, the highest-ever first half divestment revenue for any year by a good margin, raising expectations for the rest of FY17.
Airlines say ATF fuel prices in India are 40 per cent higher than in countries such as Singapore. Jharkhand, Chhattisgarh and Maharashtra
The King Air C90 12-seater aircraft had taken off from the Juhu airstrip on a test flight.
'It is very clear that Air India cannot be managed by the government.' 'Air India should be run as a separate profit entity.'
That it has been threatening to review this rule for a while is old hat anyway.
From Bollywood strong men to cricketing greats, celebrities upped the glam quotient this poll season. Some we will see as future MPs, the others just have to get back to business. Rediff.com takes a look at some popular faces, who fought Election 2019 and here's the verdict on them.
If receipts from disinvestment, tax buoyancy and black money scheme offset shortfall in spectrum sale, higher expenditure due to pay commission's recommendations and capital expenditure, then the government would be able to meet the target of controlling fiscal deficit at 3.5 per cent of GDP this financial year.
The disappointment of the year is government's failure in finalising the re-drafted aviation policy.
Rifleman Aurangzeb, who belonged to the 44 Rashtriya Rifles, was on way back home on June 14 to celebrate Eid when terrorists abducted him.
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