Govt may lower disinvestment targets for current fiscal

Government cautious as market mayhem plays out over global uncertainty

PTI | August 8, 2011



The government today indicated it may lower the Rs 40,000 crore disinvestment target for the current fiscal in view of the recent bloodbath in the stock markets on account of global uncertainty.

"It is difficult to say, if the the current target will remain intact or revised," Disinvestment Secretary Mohammed Haleem Khan told reporters here when asked if the government is contemplating to lower the disinvestment target for the current fiscal.

As against the ambitious target of raising Rs 40,000 crore from sale of shares of the state-owned enterprises, the Government has so far raised a little over Rs 1,144 crore by offloading stake in the Power Finance Corporation.

Following the downgrade of sovereign credit rating of the US to AA+ from AAA by Standard and Poor's, the BSE Sensex plunged to below 17,000 mark during the intra-day trade before reducing losses.

"There are a few companies in the pipeline for disinvestment, but it is difficult to say when. We have a set of professional advisors to advise us on disinvestment," Khan said, adding the government is monitoring the situation.

A senior official in the Disinvestment Department had earlier said that the government hopes to raise a little over Rs 15,000 crore through share sale of PFC, SAIL, ONGC and HCL. PFC follow-on offer hit the market in May.

RINL, MMTC and NBCC was also on the government's radar for disinvestment but the current financial turmoil may prompt the government to postpone equity sale.
 

Comments

 

Other News

Indian Ocean more contested than ever: Western Naval Command Chief

The Indian Ocean is becoming increasingly contested and strategically significant as the Indo-Pacific emerges as the defining geopolitical theatre of the 21st century, Vice Admiral Krishna Swaminathan, Flag Officer Commanding-in-Chief of the Western Naval Command, has said.   Spe

Why the judiciary needs much more than four more judges

India has a particular form of governance theatre: the bold declaration that appears to be action but is actually a way of avoiding action. The Union Cabinet on May 5 approved a Bill to increase the sanctioned strength of the Supreme Court from 34 to 38. The decision has been touted as a step toward judici

Wisdom stories that don’t preach but encourage reflection

The Foundation Of A Fulfilling Life: Lessons from Indian Scriptures Deepam Chatterjee Aleph Books, 264 pages, Rs 899  

Citizens of the Bay: Why BIMSTEC matters now

The international order is drifting into a dangerous grey zone as the very powers that built today`s multilateral system begin to chip away at it. The United States has increasingly walked away from global rules and forums when they no longer suit its interests, while China has rushed to fill the vacuum on

PM salutes armed forces on one year of Operation Sindoor

Prime minister Narendra Modi on Thursday saluted the courage, precision and resolve of the armed forces on the completion of one year of Operation Sindoor.   The PM said that the armed forces had given a fitting response to those who dared to attack innocent Indians at Pahalgam.&

Supreme Court judge strength to go up by four to 37

The strength of the Supreme Court is set to go up from 33 judges to 37 judges, paving the way for a more efficient and speedier justice. The Union Cabinet on Tuesday approved the proposal for introducing The Supreme Court (Number of Judges) Amendment Bill, 2026 in Parliament to amend The Sup


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter