Govt confident of meeting shortfall in disinvestment target: Gopalan

16 Dec 2011 Evaluate

Despite the bearish sentiment of the capital market, ongoing debt crisis in European nations and slowdown in domestic economic activities, the finance ministry is confident of meeting the shortfall in the disinvestment targets of Rs 40,000 crore set for the 2011-12. However, till now, the government has only generated Rs 1,145 crore from the disinvestment of public sector units (PSUs).

Experts are of the view that the government may miss the target by huge margin unless some alternative steps are pursued in right earnest. Any shortfall in disinvestment target would only further worsen the fiscal deficit situation, and weakening investor confidence.

R Gopalan, Secretary, Department of Economic Affairs, under the finance ministry, said, ‘there are number of ways in which we are trying to meet the shortfall. Those are under various stages of decision making. We in the Budget division feel that it is possible to get that money this year by the kind of means we are pursuing at this point of time.’

Gopalan, however, denied to spell out the other options being pursued as the government was yet to take a final call on them. Though, the industry is assuming that the government may push LIC to buy portion of government stake in certain listed profit making PSUs. The government on the other hand is also considering an option of buy-back of government shareholding by cash rich PSUs such as Coal India.

However, planning commission member Saumitra Chaudhuri has raised concerns over meeting the disinvestment targets for current year, because of the volatile market conditions. Last week, in its Mid-Year Analysis 2011-12 tabled in Lok Sabha, the government said meeting the disinvestment target is a stiff task.

Recently, the Department of Disinvestment had circulated a Cabinet note seeking the views of different ministries on asking certain PSUs under them to explore options of buy-back of shares. Around 12 cash-rich PSUs such as Coal India, SAIL, NMDC, ONGC and NTPC have been identified for the purpose. The Cabinet Committee on Economic Affairs has already approved disinvestments in SAIL, ONGC, Hindustan Copper, BHEL and NBCC.

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