Disinvestment aimed at growth, not to plug fiscal deficit: DIPAM Secretary

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New Delhi: As the Budget 2021 comes up with main thrust on privatisation of public sector enterprises, Disinvestment Secretary, Tuhin Kanta Pandey has mentioned that the federal government’s new disinvestment coverage is aimed at financial progress and employment creation, somewhat than plugging the huge fiscal deficit.

The assertion coming from the highest official positive factors significance as the federal government’s expenditure has surged amid the pandemic whereas revenues have been impacted, main to an enormous fiscal deficit.

In an interview with IANS, Pandey mentioned: “Our privatisation policy is for growth and employment and not for the plugging of fiscal deficit.”

The authorities has pegged the fiscal deficit for FY21 at 9.5 per cent of the GDP.

He is of the view that the federal government’s newest privatisation push truly completes the liberalisation reforms of 1991.

The Secretary for the Department of Investment and Public Asset Management (DIPAM) mentioned: “Now in the new phase, government is prepared to cede control, Normally, in government, people would not let the control go. So there is a voluntary effort of the government where you let the control go.”

Noting that investor sentiments have been subdued through the peak of the coronavirus pandemic final yr due to uncertainty, he mentioned that the investments have began coming now.

“The people have started investing and it is in tandem with our overall growth vision. The disinvestment policy is not a resource garnering policy. It is in tandem with the growth policy.”

Speaking to IANS, Pandey exuded confidence that the a lot delayed disinvestment technique of Air India and BPCL will get accomplished within the first quarter of the approaching monetary yr.

Presenting her third Union Budget on February 1, Finance Minister Nirmala Sitharaman proposed to privatise two state-run banks aside from

and one normal insurance coverage firm.

She additionally introduced that each one the beforehand introduced disinvestment processes will likely be accomplished in FY22.

The authorities’s disinvestment goal for the upcoming fiscal at Rs 1.75 lakh crore. The disinvestment goal for the present fiscal is Rs 2.10 lakh crore whereas the income collected by disinvestment is simply Rs 19,499 crore.

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