Govt Raises Rs 16,507 Cr From CPSE Stake Sales, Half Of Target In FY24

ENA Economy 2024-04-02 16:51:59 New Delhi, Apr 2 (KNN) The Indian government has garnered Rs 16,507 crore through the sale of minority stakes in central public sector enterprises (CPSEs) during the fiscal year 2023-24, falling short of its revised estimates for disinvestment proceeds. Over the course of FY24, which concluded on March 31, the government divested stakes in 10 CPSEs through offer for sale (OFS) transactions. The share sale in Coal India Limited alone fetched Rs 4,186 crore, while the stake sales in NHPC Limited and NLC India Limited yielded Rs 2,488 crore and Rs 2,129 crore, respectively. Additionally, the government raised Rs 858 crore through the initial public offering (IPO) of the Indian Renewable Energy Development Agency (IREDA). It also offloaded shares in companies such as RVNL, SJVN, IRCON International, and HUDCO, while earning remittances from the Specified Undertaking of the Unit Trust of India (SUUTI). The Union Budget for FY24 had initially pegged the disinvestment proceeds target at Rs 51,000 crore. However, in the revised estimates presented on February 1, 2024, the government did away with a separate head for disinvestment receipts. Instead, under the capital receipts heading, the government estimated to collect Rs 30,000 crore, which officials clarified included Rs 20,000 crore from disinvestment and Rs 10,000 crore from asset monetisation. According to data from the Department of Investment and Public Asset Management (DIPAM), the actual collections for FY24 through OFS and share sales to employees stood at Rs 16,507.29 crore as of March 31, 2024, falling short of the revised estimate. Historically, the government has struggled to meet its disinvestment targets set in budgets, with the exceptions of the 2018-19 and 2017-18 financial years. The highest-ever disinvestment mop-up was recorded in 2017-18 at Rs 1,00,056 crore, marginally exceeding the budget target of Rs 1 lakh crore. (KNN Bureau) 37261 https://knnindia.co.in/news/newsdetails/economy/govt-raises-rs-16507-cr-from-cpse-stake-sales-half-of-target-in-fy24 2024-04-02 16:51:59 knnindia.co.in Govt Raises Rs 16,507 Cr From CPSE Stake Sales, Half Of Target In FY24