Sunday, May 16, 2021
Home Economy and Finance Modi government exceeds disinvestment target for the second time in a row, completes first-ever...

Modi government exceeds disinvestment target for the second time in a row, completes first-ever sale of ‘enemy shares’

'Enemy property' refers to the assets left behind by people who migrated to Pakistan or China and are no longer citizens of India.

The sale of ‘enemy shares’ and the buybacks of Central Public Sector Enterprises (CPSEs) have together generated a sum of Rs 11,300 crore for the government, thus helping the exchequer mop up Rs 85,000 crore from disinvestment in the current financial year. This is being considered the second highest receipt ever.

After the Cabinet’s go-ahead to the Department of Investment and Public Asset Management (DIPAM) to sell such shares held in companies, in November 2018, the government has, through the first-ever sale of ‘enemy shares’, collected an amount of Rs 700 crore. Besides, over Rs 10,600 crore has come in the form of buyback of government shares by Central Public Sector Enterprises (CPSEs).

‘Enemy property’ refers to the assets left behind by people who migrated to Pakistan or China and are no longer citizens of India.

In the fiscal year 2018-19, the government for the second time in a row exceeded the disinvestment target by collecting Rs 85,000 crore as against the budget estimate of Rs 80,000 crore. Similarly, in 2017-18, the government had mopped up a record over Rs 1 lakh crore, against the target of Rs 72,500 crore.

During the current financial year, the share sale through the Exchange Traded Funds (ETFs) has garnered the highest amount of Rs 45,729 crore, followed by Rs 14,500 crore acquired through government’s 52.63 per cent stake in REC (Rural Electrification Corporation) by the state-owned Power Finance Corporation (PFC).

Additionally, the government has also received Rs 1,929 crore through an initial public offering (IPO) of five companies, namely, MSTC, RITES, Ircon, Garden Reach Shipbuilders and Midhani.

Furthermore, the central government has collected Rs 5,218 crore from the offer for sale (OFS) of Coal India, and another Rs 5,379 crore from sale of SUUTI stake in Axis Bank.

Moreover, the companies which helped the government gather over Rs 10,600 crore through buybacks include, ONGC, IOC, Coal India, Oil India and NLC.

Viewing the accomplishments the government has set a disinvestment target of Rs 90,000 crore for the next fiscal.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Rebel YRS Congress MP who was arrested for criticising Andhra CM Jagan Reddy tortured in custody, images of injuries go viral

Guntur Magistrate ordered medical examination of rebel YRS Congress MP Raghu Rama Krishnam Raju to ascertain his custodial torture

Gujarat: Here’s why the death certificate stats from March to May so far do not prove allegations of massive undercounting of Covid deaths

There are significant concerns that the death tally in Gujarat is vastly greater than what is being admitted by the Government. A recent media...

Israel demolishes Al Jalaa building that housed Al Jazeera and other international media offices short time after warning

Israel had issued a warning that it will demolish the Al Jalaa building that houses Al Jazeera office, after which it was demolished.

The Hindu quietly changes headline after columnist calls Tejasvi Surya a virus: Here are her previous problematic comments

The Hindu published an opinion-editorial by columnist Vaishna Roy on Friday where it called BJP MP Tejasvi Surya a virus.

Punjab: After Modi Govt implements direct benefit transfer, agencies procure record wheat quantity, 9 lac farmers receive Rs 23,000 cr

A farmer named Gurdip Singh from Chak Kalan village said, "I am very happy with this system with money coming directly. I sold my entire crop to government agencies as the MSP was also better this time."

5 years ago, The Week published an article insulting, mocking, lying about Veer Savarkar, today they apologise: Read full details

After a lawsuit filed by Veer Sarvarkar's grand nephew, The Week apologises for a article on Sarvarkar published in 2016

Recently Popular

Narcissism at its worse: After doubts were raised on the help being provided by Sonu Sood, actor gets called out for sharing cringe self-laudatory...

After making questionable claims on helping Covid-19 victims, Sonu Sood now shares cartoons that shows him as a God

Legendary Australian cricketer slams world media for ‘vulture’ journalism, says Incredible India deserves respect: Here is what he said

In a recent post, the former cricketer has expressed his overwhelming support for India and slammed international media for vulture journalism

Charlie Hebdo cartoon mocking Hindu deities for Covid-19 crisis turns out to be fake? Here’s what we know

Some social media users pointed out the hypocrisy of these 'left-liberals', who were just a few months back attacking the same French magazine for publishing cartoons that were allegedly hurtful for Muslims.

How NDTV played with words to give impression that Kerala woman died due to Israel, deleted and reposted, but still did not mention Palestine

NDTV subtly peddled an agenda trying to paint Israel as the aggressors and Palestine as the victim after a Indian woman died in terror attacks

While Delhi govt was alleging inadequate oxygen supply, data show it was returning oxygen to suppliers, asked them to store the excess

Due to lack of storage plants and not enough demand, Delhi govt had returned oxygen and asked the suppliers to store them

Former pornstar Mia Khalifa falls for ‘toolkit’ again? Posts unedited tweet against Israel, later defends herself with bizarre explanation

Former porn-star Mia Khalifa accidentally revealed being part of an anti-Israel Twitter storm after she tweeted an unedited post
- Advertisement -

 

Connect with us

255,056FansLike
544,391FollowersFollow
24,300SubscribersSubscribe