Govt not in ‘crazy rush’ to sell everything: FM Sitharaman
The policy, she added, “is not a crazy rushing out to sell everything..nor it is saying that the government will run the business of producing pins to crops to everything. ...
...So where the government doesn’t have to be, it won’t. But where because of strategic interests you have to be, it will be there like telecom for instance.
Sitharaman in the latest Budget announced that the government will raise Rs 51,000 crore by selling stakes in various state-run companies in FY24. This is marginally higher than the current year ending on March 31, 2023.
In the last budget, the government intended to raise Rs 65,000 crore through divestments, which was later revised to Rs 50,000 crore.
Process for disinvestment for these companies have already started and are at different levels, and are expected to be completed in the next fiscal if the target of Rs 51,000 crore is to be met.
The government has missed its disinvestment target for the past four years.
On asset monetisation, Sitharaman said it is being encouraged so that assets which are not optimally generating revenues are used to generate earnings for the government or its entities.
Monetisation does not mean selling or giving assets for free but a certain value is assessed and accordingly put to productive use, she said, adding, asset monetization would continue.
Besides, she said, India has a rule of law which ensures justice to its citizens and business despite delays.
Talking about India’s attractiveness, she said, there are several ministers who are part of the G20 who have been speaking of friendshoring (sourcing of products from countries with shared values).
On climate finance, the finance minister said there is a greater readiness to discuss the global south and their needs.