Disinvestment program to progress well: Finance Minister

Nirmala Sitharaman to meet heads of insurers on Saturday

New Delhi: Finance Minister Nirmala Sitharaman on Thursday expressed confidence that the disinvestment program announced in next year’s budget will go ahead well and non-tax revenue will improve. Addressing members of the industry body FICCI, he said that a large amount will be spent in large areas like infrastructure, health and agriculture. In the budget of 2021-22, a target of raising 1.75 lakh crore has been set through disinvestment.

In the next financial year, the government has included BPCL, Air India, Shipping Corporation, Container Corporation of India, IDBI Bank, BEML, Pawan Hans and Nilanchal Ispat Nigam Limited. Aims to complete the strategic sales (controlling stake sale) process. In addition, LIC’s IPO will be launched and the process of selling to two public sector banks and a general insurance company will be initiated.

Sitharaman said, “We are confident that the investment program that has been prepared will be implemented in a better way” . He said, “We have not burdened any section of the society to demand additional money.” Sitharaman also said that the government is fully hopeful of improving revenue collection this year. Apart from disinvestment, there is a potential for good returns from non-tax revenue, including market capitalization of assets (on sale or lease / rent).

Sitharaman said, “The industry should now be in a position to invest for expansion and growth.” And it has clearly indicated that they are now ready for joint venture for the technology that they are preferring. ”He said that to provide immediate impetus to the economy, the government would spend large amounts in public infrastructure facilities And a significant amount will be spent in three major areas … infrastructure, health and agriculture.

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