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Friday, December 1, 2023
HomeBusinessBudget & PoliciesGovt garners Rs 700 cr via first ever sale of enemy shares

Govt garners Rs 700 cr via first ever sale of enemy shares

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783110 691245 money 02Sale of ‘enemy shares’ and buyback of stocks by CPSEs have together yielded the government over Rs 11,300 crore, thus helping the exchequer mop up Rs 85,000 crore from disinvestment in the current fiscal — the second highest receipt ever.

The government has garnered Rs 700 crore through the first-ever sale of ‘enemy shares’ after the Cabinet in November 2018 gave its go-ahead to the Department of Investment and Public Asset Management (DIPAM) to sell such shares held in companies.

Enemy property refers to the assets left behind by people who migrated to Pakistan or China and are no longer citizens of India.

Besides, over Rs 10,600 crore has come in from the buyback of government shares by Central Public Sector Enterprises (CPSEs).

In 2018-19, the government for the second time in a row exceeded the disinvestment target by mopping up Rs 85,000 crore as against the budget estimate of Rs 80,000 crore.

In 2017-18, the government mopped up a record over Rs 1 lakh crore, against the target of Rs 72,500 crore.

As regards the buybacks, the government has mopped up over Rs 10,600 crore. The companies which bought back the government stake include ONGC, IOC, Coal India, Oil India, and NLC.

For the next fiscal, the government has set a disinvestment target of Rs 90,000 crore.



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