This year will be also remembered as watershed for the government’s disinvestment programme as Prime Minister Narendra Modi sought to transform the Disinvestment Department from a mere seller of government stake in central PSUs to DIPAM – the manager of its assets.
The government received Rs 34,800 crore from the sale of minority stake in an array of state-owned firms this year even as it prepared ground for the first strategic sale of PSUs in over 12 years. This year will be also remembered as watershed for the government’s disinvestment programme as Prime Minister Narendra Modi sought to transform the Disinvestment Department from a mere seller of government stake in central PSUs to DIPAM – the manager of its assets.
The renaming of the 17-year old Department of Disinvestment (DoD) to the Department of Investment and Public Asset Management (DIPAM) signalled a revamp in the way government manages its investments in state enterprises by focusing on monetising nonstrategic holdings – from surplus land and assets with a PSU to privatising non-core companies.
The year saw exchequer getting about Rs 34,800 crore from disinvestment of minority government stake in PSUs, a tad lower than the record high of Rs 35,236 crore collected through part-sale of its stake in 2015. The disinvestment proceeds stood at about Rs 18,000 crore in 2014 and Rs 22,000 crore in the previous year.
The government in 2016 focussed on identifying and doing the spade work for strategic sale of some of the nearly 200 PSUs while asking cash-rich companies to put their idle money to use by either doing share buy-backs, bonus issues and special dividend.
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