Government’s exercise to quickly identify assets for disinvestment

The central government has asked all the ministries and departments to identify new properties so that they can be sold to raise money and the process of raising money by selling these things can be brought back on track. The pace of raising funds through sale of goods is well below the budgeted target for […]
 


Government’s exercise to quickly identify assets for disinvestment

The central government has asked all the ministries and departments to identify new properties so that they can be sold to raise money and the process of raising money by selling these things can be brought back on track. The pace of raising funds through sale of goods is well below the budgeted target for this financial year.

For the financial year 2022-23 ending March 31, Rs. Against the revenue target of 1.6 lakh crores, the income from the sale of goods to the government in the first seven months was just Rs 100 crores. 33,443 crore has been done. The Center now expects revenue from the sale of new properties to come in at Rs 1.24 lakh crore, which is higher than the budget estimate.

A source in the know told ET that several ministries, including railways, telecom and petroleum, are way off target. They have been asked to speed up the pace in this direction. Railway Rs. 30,000 crore target while its so far revenue estimate is Rs. 4,999 crore has been reached. Ministry of Telecom Rs. 20,180 crore has been targeted while only Rs. The sale of assets worth Rs 4,700 crore is under process. There is no possibility of raising funds by selling any assets of the ministry till the end of this financial year.

Similarly, for the current financial year, the petroleum ministry has raised funds by selling goods worth Rs. 9,176 crore revenue target was given but so far it has reached Rs. Has managed to reach close to 2000 crores. Ministries that have not met their targets have been asked to identify new assets. A person having knowledge of the matter also said that the government is also sending guidelines in this regard to the ministries and departments. According to him, this step has been taken at a time when many ministries and departments have stopped raising funds by selling already identified properties.

Government’s exercise to quickly identify assets for disinvestment