From a consumer point of view too this would bring about an improvement in the service levels of these companies as there would be more pressure on these companies to perform better and get profits.
Earlier, President Pratibha Patil while spelling out the government's polices had said in her address to joint sitting of Parliament that "our fellow citizens have every right to own part of the shares of public sector companies, while the government retains majority shareholding control".
The Board for Reconstruction of Public Sector Enterprises will take up the case of ITI in its next meeting, on May 31.
The proposals for grant of Maharatna status to four bluechip public sector enterprises-- ONGC, SAIL, NTPC and IOC--will soon be referred to a high- level secretaries' panel headed by Cabinet Secretary K M Chandrasekhar.
It was touted as a game changer but big-ticket privatisation has been a mixed bag as the government faces unanticipated challenges of lukewarm investor response, employee union agitation and legal hurdles. Prime Minister Narendra Modi's often-repeated statement 'the government has no business to be in business' guided the drawing up of an ambitious privatisation pipeline. While Air India sale succeeded, Bharat Petroleum Corporation Ltd (BPCL) divestment failed.
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
Bain Capital-backed Tyger Capital is planning to list its shares on the Indian stock exchanges by the next financial year and is targeting to grow its assets under management by four times to Rs 20,000 crore in five years from Rs 5,000 crore now, Gaurav Gupta, MD and CEO of the firm said. In an exclusive interview, Gupta said that keeping with the growing business, the finance company expects to on-board 600 people in the current financial year as it is opening 60-65 new branches for broad-basing its network in the country.
Public-sector enterprise stocks have seen a good run thus far in 2023-24 (FY24), with the S&P BSE PSU Index surging by over 26 per cent during the period, compared to an 11 per cent increase in the benchmark S&P BSE Sensex.
Divestment Minister Arun Shourie informed the Lok Sabha on Wednesday that during April 1991 and March 2003, Rs 29,487 crore (Rs 294.87 billion) have been realised as divestment proceeds.
Earlier, the Indian Banks' Association has shown interest in the NPS for new bank recruits. Though no concrete decision has been taken so far. In the Budget tabled in Parliament, the government said that self-employed persons subscribing to the NPS would be subjected to tax only at the time of withdrawal.
The prescription coincides with government declaring disinvestment as one of its top most priorities for mobilisation of resources, particularly, as it is free from the pressures of the Left parties that had obstructed the process in the last five years. Asking the government to sell a minimum of 10 per cent equity in all profit-making unlisted PSUs, it said: "Complete the process of selling 5-10 per cent equity in previously identified profit making non-Navratnas."
Cash-rich Central Public Sector Enterprises (CPSEs) have to either invest their surplus funds or give it to someone for investment purpose, Finance Minister P Chidambaram has said.
Earlier opposing the government's decision to disinvest 10 per cent of its equity in Neyveli Lignite Corporation, the Dravida Munnetra Kazhagam had threatened to pull out of the UPA government.
Operations in the Neyveli Lignite Corporation remained paralysed as the indefinite strike by its workers protesting the Centre's decision to disinvest 10 per cent shares in the public sector company entered the third day on Thursday.
The decision to improve the salary structure of officers at board level and below, along with supervisory staff, was taken at the Cabinet meeting presided over by Prime Minister Manmohan Singh.
India's Finance Minister Nirmala Sitharaman has announced an ambitious plan to develop the country's top 50 tourist destinations in a "challenge mode", with the aim of boosting employment-led growth and attracting international visitors. The Ministry of Tourism has received a significant budget increase for 2025-2026, with a focus on enhancing tourism infrastructure, promoting domestic and international travel, and ensuring the safety of tourists, particularly women. The government plans to promote homestays, improve connectivity to tourist spots, and provide performance-linked incentives to states that demonstrate effective destination management. The budget also includes investments in public enterprises, skill development programs, and initiatives to promote medical tourism and spiritual tourism.
While Governor Das was sanguine on government walking the fiscal prudence path--which was missed three out of the five budgets of the Modi government--Acharya pointed to the fiscal slippages as a worry.
Equity investments in 82 public sector enterprises have been completely eroded due to accumulated losses, an audit of financial statements conducted by the Comptroller and Auditor General of India revealed.
The Board for Reconstruction of Public Sector Enterprises wants to examine the grave financial problems of Air India, but neither the Civil Aviation Ministry nor the national carrier has responded to the BRPSE offer.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
'Right to apprenticeship means that anyone below the age of 25 years with a diploma or other qualifications can demand an apprenticeship with a private, a public sector company or a government organisation. And when he/she demands this, it is the obligation of the government to provide it.'
AI-driven and deepfake-enabled cyberattacks are anticipated to become increasingly prevalent in 2025 with sectors like healthcare and finance most prone targets, according to a recent report. The India Cyber Threat Report 2025 by the Data Security Council of India (DSCI) and Seqrite, spotlighted the evolving tactics of cybercriminals and the rise of AI-driven attacks as a major concern. "Artificial Intelligence (AI) will be used to develop highly sophisticated phishing campaigns utilising deepfake technology and personalised attack vectors, making them harder to detect.
The Centre's ambitious Rs 6-trillion National Monetisation Pipeline (NMP) could fall short of yearly targets for the current fiscal year (FY22) and the next one as well (FY23), partly due to the long gestation period in monetising big-ticket railway infrastructure, Business Standard has learnt from sources in the finance and rail ministries. Officials say the major chunk of railway monetisation will happen from FY24 onwards because leasing some of the infrastructure, like stadiums and dedicated freight corridor, will not happen anytime soon. Rail infra is expected to be the second-biggest contributor to the NMP, with about Rs 1.52 trillion worth of assets to be monetised.
Stocks of public sector companies, especially the oil refining and marketing companies (OMCs) - Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOC) - logged gains on Tuesday in a weak market. While the Nifty lost nearly 1 per cent in trade on Tuesday, the Nifty CPSE index - a gauge of performance of central public sector enterprises on the National Stock Exchange (NSE) - gained over 3 per cent in intra-day trade. The rally in PSU stocks comes on the back of the BPCL chairman, Arun Kumar Singh suggesting in the company's annual general meeting (AGM) on Monday that the government intends to complete the divestment process in the OMC by March 2022.
Here's a 5-step investment strategy that will guide investors in the selection process and enable them to choose the right unit-linked insurance plans (ULIPs).
South Korean steel giant Posco's wait for a mining licence in Orissa has got a little longer.
The government has directed all such firms to sign a memorandum of understanding with their respective administrative ministries setting out targets for the coming fiscal.
A better system of operating central and state PSEs, and indeed all commercial activities of the government, would require eliminating the current system that oversees them.
'Stay disciplined, and remain invested.' 'Volatile times are the best to invest in structural opportunities at the right price.'
A bench comprising Chief Justice DY Chandrachud and Justices JB Pardiwala and Manoj Misra said Indian firms, involved in the export of arms and equipment to Israel, may be sued for breach of contractual obligations if they are stopped by it from supplying.
Prime Minister Manmohan Singh has decided to keep all divestment decisions and proposals on hold following concerns voiced by some constituents of the United Progressive Alliance.
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
In an effort to leverage sick public sector enterprises, the Cabinet on Thursday approved cash incentives for their chief executives or functional directors.
The production of Covaxin will increase from the current 10 million doses per month to 60 million-70 million by July-August.
For fiscal year FY23, the 2022 Union Budget had targeted a capex outlay of Rs 7.5 trillion, which is 35.4 per cent higher than the FY22 Budget Estimate of Rs 5.54 trillion.
In the first major exercise of empowering the central public sector enterprises since the formulation of the 'Navratna' scheme in 1997, the government on Monday doubled their capacity to invest in joint ventures and incur capital expenditure.
The government has increased the dearness allowance for officers and employees of the central public sector enterprises (CPSEs) by 5 per cent, to help them meet the increasing cost of living.The employees and workers of the CPSEs were earlier getting an IDA of 79.4 per cent of the basic pay, which came into effect on April 1.
