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India plans to raise 
13.2 B through privatisation
Monday, 03 March 2003, 20:30 IST
NEW DELHI: The Indian government Friday said it plans to mobilise 
13.20 billion through the privatisation process in fiscal 2003-04 despite repeatedly failing to achieve target in the past.
"I am confident that the pace of disinvestment will accelerate in the coming year," said Finance Minister Jaswant Singh while presenting the federal budget for the year beginning April to Parliament on Friday.
"Disinvestment is not merely for mobilising revenues for the government, it is mainly for unlocking the productive potential of these undertakings and for reorienting the government away from business and towards the business of governance," Singh added.
India's ambitious privatisation drive, projected as the cornerstone of the reforms programme, has repeatedly come under attack in recent months, with the ruling coalition's allies demanding a review of the divestment agenda.
New Delhi had planned to raise 120 billion from the sale of shares in state-owned firms in the current financial year ending March.
The revenue from the exercise is, however, estimated to touch 33.60 billion only in the fiscal year ending March this year, Singh said.
The public sector units that were privatised till January in the current fiscal year include carmaker Maruti Udyog Ltd., Hindustan Zinc Ltd., and 10 hotels of the India Tourism Development Corporation.
Source: IANS
13.20 billion through the privatisation process in fiscal 2003-04 despite repeatedly failing to achieve target in the past.
"I am confident that the pace of disinvestment will accelerate in the coming year," said Finance Minister Jaswant Singh while presenting the federal budget for the year beginning April to Parliament on Friday.
"Disinvestment is not merely for mobilising revenues for the government, it is mainly for unlocking the productive potential of these undertakings and for reorienting the government away from business and towards the business of governance," Singh added.
India's ambitious privatisation drive, projected as the cornerstone of the reforms programme, has repeatedly come under attack in recent months, with the ruling coalition's allies demanding a review of the divestment agenda.
New Delhi had planned to raise 120 billion from the sale of shares in state-owned firms in the current financial year ending March.
The revenue from the exercise is, however, estimated to touch 33.60 billion only in the fiscal year ending March this year, Singh said.
The public sector units that were privatised till January in the current fiscal year include carmaker Maruti Udyog Ltd., Hindustan Zinc Ltd., and 10 hotels of the India Tourism Development Corporation.
Source: IANS