Till January this year, the Center had achieved only 5% of its FY22 sales target of Rs 1.75 billion. What hinders the privatization process and what is the way out?
BPCL plant in Mumbai; (Photo: Mandar Deodhar)
New Delhi,published date: March 14, 2022 | Updated: Mar 5, 2022 10:57 IST
Disinvestment has been the centre's main slogan in recent years. Last year, the government sought to generate Rs 1.75 billion in revenue through monetization of public sector undertakings (PSUs) such as Air India, Bharat Petroleum Corporation Limited (BPCL) and Bharat Petroleum Corporation Limited (SCI), amid expected disinvestment. We also set a budget based on revenue. Shipping Corporation of India). However, as of December 2021, the government has achieved about 5% of that target, or Rs 9,240 crore. In this year's Budget, Union Finance Minister Nirmala Sitharaman indirectly acknowledged the colossal mistake by downsizing the FY22 disinvestment revenue forecast from Rs 1.75 lakh crore to Rs 78,000 crore and setting the 2022-23 target at Rs 65,000 crore.