Budget 2011: Govt pegs disinvestment proceeds at Rs40,000 crore for 2011-12
'I intend to maintain the momentum on disinvestment in 2011-12 by raising Rs40,000 crore,' finance minister Pranab Mukherjee said in his budget speech 2011-12.
The government has upped the revenue target from sale of government equity in PSUs to RsRs 40,000 crore in 2011-12 from Rs22,144 crore raised during the current fiscal."I intend to maintain the momentum on disinvestment in 2011-12 by raising Rs40,000 crore," finance minister Pranab Mukherjee said in his budget speech 2011-12.In last year's budget too, the government had tried to raise Rs40,000 crore through disinvestment in the current fiscal.However, it mopped up only around Rs22,144 crore by diluting its stake in six companies-Satluj Jal Vidyut Nigam, Engineers India, Coal India, Power Grid, Manganese Ore India Ltd and Shipping Corporation."A higher than anticipated realisation in non-tax revenues has led us to reschedule some of the divestment issues planned for the current year," he added.Mukherjee added that the government is committed to retain at least 51% ownership and management control of the CPSUs, as stated earlier in his budget speech for 2009-10.In 2011-12, the government is likely to dilute its stake in IOC, Power Finance Corporation, SAIL, Hindustan Copper, Rashtriya Ispat Nigam Limited.