Divestment programme revived in India’s budget

September 15th, 2009 NEW DELHI - The shipping ministry has approved the Department of Economic Affairs' proposal to divest government state in Cochin shipyard, Shipping Secretary A.P.V.N. Sarma said here Tuesday.

July 20th, 2009 NEW DELHI - The United States is keen to know India's perspective on Iran's nuclear weapons programme, US Secretary of State Hillary Clinton said here Monday. In the discussions today and to come in future, we will be exploring with India their approach and perspectives towards Iran and any advice that they can contribute to an international consensus about the dangers posed to global stability if Iran were to become a nuclear weapons power, Clinton told reporters at a joint press conference with External Affairs Minister S.M.

July 16th, 2009 NEW DELHI - The government's plan to sell stakes in state-owned enterprises will strengthen its financial position and help address India's many economic woes, says the economic research arm of consultancy Moody's. "Divestment is an answer to many of India's existing economic concerns.

July 14th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Tuesday said the United Progressive Alliance (UPA) government remained committed to divesting stakes in the state-run companies, but without diluting their public sector character. Replying to the debate on the national budget in the Lok Sabha, the lower house of parliament, the finance minister said there was some disappointment that not enough was said on the government's divestment policy in his July 6 budget speech.

July 11th, 2009 KOLKATA - The Communist Party of India-Marxist (CPI-M) Saturday cautioned against raising funds through divestment of profitable state-run units to finance the fiscal deficit, terming this disastrous. "The corporate world is not entirely happy with the proposals in the union budget.

July 7th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Tuesday said the national budget was not the document to spell out micro policy details and the United Progressive Alliance (UPA) government remained committed to divestment in state-run firms without diluting their public sector character. "I have made it very clear that we intend to include the public in disinvestment programmes," Mukherjee told an interactive meeting with India Inc, a day after presenting the national budget for the current fiscal.

July 6th, 2009 NEW DELHI - Promising to halve poverty by 2014 and add 12 million jobs each year, Finance Minister Pranab Mukherjee presented India's budget for this fiscal that hikes income tax exemption limit and steps up allocations for welfare schemes and infrastructure, while assuring high growth for the $1.2 trillion economy once again. The income tax exemption limit for senior citizens was sought to be hiked by Rs.15,000, while that for women and others was stepped by Rs.10,000.

July 6th, 2009 NEW DELHI - India's fiscal budget has risen from Rs.193 crores to over Rs.10 lakh crores in the 63 years since independence of the country in 1947, Finance Minister Pranab Mukherjee said while presenting the budget for 2009-10 in the Lok Sabha Monday. "Madam speaker, I am happy to announce that for the first time, the budget estimates have crossed Rs.10 lakh crores.

July 6th, 2009 NEW DELHI - The government will raise Rs.1,120 crore (Rs.11.2 billion/$224 million) this fiscal from sale of government equity in state-owned units, according to the budget papers Finance Minister Pranab Mukherjee presented in parliament Monday. In 2009-10, "disinvestment proceeds have been estimated at Rs.1,120 crore which includes disinvestment of a small portion of equity in Rail India Technical and Economic Services (RITES), Cochin Ship Yard Ltd, Telecommunications Consultants India Ltd, Manganese Ore India Ltd, Rashtriya Ispat Nigam Ltd, and Satluj Jal Vidyut Nigam Ltd," the Receipts Budget 2009-10 said.

July 2nd, 2009 NEW DELHI - Suggesting some sweeping reforms in areas like foreign direct investment, divestment, taxation and the subsidy regime, India's Economic Survey says the country can achieve 7.75 percent growth this year despite the difficult global circumstances. The economy can even expand much higher than last year's growth if the monsoon rains were normal, said the country's annual economic report card for 2008-09 tabled in parliament Thursday by Finance Minister Pranab Mukherjee.

July 2nd, 2009 NEW DELHI - The Economic Survey the government presented in parliament Thursday called for revitalising the divestment policy so as to generate at least Rs.25,000 crore (Rs.250 billion/$5.22 billion) annually. List all unlisted public sector enterprises and sell a minimum of 10 percent of equity to the public, the survey stated.

June 5th, 2009 NEW DELHI - Prime Minister Manmohan Singh has called for a national budget that reflects the schemes and promises outlined for his government in President Pratibha Patil's address to parliament Thursday. This message has been conveyed to Finance Minister Pranab Mukherjee, who is slated to present the national budget for the current fiscal next month, said officials in the Prime Minister's Office.

May 29th, 2009 NEW DELHI - India Inc has readied its 100-day wish list for the new government. It wants the policies to focus on agriculture, divestment, skill development, infrastructure and manufacturing to nurse the Indian economy back to high growth.

February 21st, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.

February 19th, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.