Hyderabad: The Mopping Crore Rs 1.75 Lakh target of several public sector companies, including LIC and BPCL during the current fiscal, on track and the foundation is being prepared for the purpose, Head of Economic Advisor (CEA) Krishnamurthy Subramanian said on Monday.
In the Covid-19 pandemic, Subramanian said the second wave impact was lower than the first.
In the interactive session, which was held by the Federation of the Telangana Chamber of Commerce and Industry, CEA said the GST Robust collection, more than RS One Lakh Crore per month for eight consecutive months showed that consumption increased showed a positive signal for growth.
“There must be a lot of ongoing work and this year there is actually a lot of emphasis on the achievement of this target.
Remember Rs 1.75 Lakh Crore, most of it will be from IPO LIC (initial public offering).
Second is the privatization of Bharat Petroleum (BPCL) .
And both together themselves can take into account the most (target disinvestment), “he said.
The center budgeted Rs 1.75 lakh Crore from stock sales in public sector companies and financial institutions, including 2 PSU banks and one insurance company, in the current fiscal year.
Plan Disinvestment includes Idbi Bank Strategic Sales, BPCL, Corp.
Shipping, Container Corporation, Neelachal Ispat Nigam Ltd, among others, and also the legislative amendments needed for LIC IPO will be brought in 2021-22, Minister of Finance Nirmala Sitharaman has said in its budget speech , “I think this year is very likely going to be a year that will be remembered for privatization.
We still have nine months again.
I am pretty sure that we will reach the target (from Rs 1.75 lakh Crore),” Cea said answered the query.
Previously in his speech, he said every rupee spent by the government on “Freebees” would only contribute Rs 0.98 with the country’s economy against Rs 4.50 when used in capital expenditure.